15 June 2018

BluGlass raises AUS$2m after completing share purchase plan

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BluGlass Ltd of Silverwater, Australia – which was spun off from the III-nitride department of Macquarie University in 2005 – has completed its share purchase plan, announced to the Australian Stock Exchange (ASX) on 21 May.

Shareholders with registered addresses in Australia and New Zealand (as of 18 May) were offered the opportunity to apply for up to AUS$15,000 worth of ordinary shares at a price of AUS$0.37 per share. The firm has subsequently raised a total of AUS$2,030,000, resulting in the issue of 5,486,353 fully paid ordinary shares.

“I would like to sincerely thank all of our shareholders for their continued support of the company as we develop and commercialize our unique RPCVD technology,” says managing director Giles Bourne. BluGlass’ proprietary low-temperature remote-plasma chemical vapor deposition (RPCVD) process for manufacturing indium gallium nitride (InGaN)-based LEDs, power electronics and solar cells is said to offer advantages including higher performance and lower cost.

“BluGlass is delighted with the strong participation that we received in our capital raise, in both the placement [of AUD$9.2m of shares in May] and the share purchase plan, which we have undertaken to secure funding for the expansion of our facilities to build additional lab space and acquire new commercial-scale deposition equipment,” says the firm.

Work has already begun on the upgrade. “We look forward to keeping investors updated as we make progress with our key technical and commercial milestones,” the firm adds.

See related items:

BluGlass raises AUD$9.2m in share placement and offers AUD$5m share purchase plan

Tags: BluGlass RPCVD

Visit: www.bluglass.com.au