News Article
LED firm BluGlass nets over $2.35 million from investors
The company will use part of the cash to commercialise its RPCVD technology for LED applications and further develop solar cell applications
Australian firm BluGlass has received commitments for a placement of new fully paid ordinary shares to institutional investors for A$2.35 million placement (or approximately USD$2.45 million).
BluGlass proposes to issue 11.7 million fully paid ordinary shares at A$0.20 per fully paid ordinary share when the placement is settled later this week.
The placement issue price of $0.20 represents a discount of approximately 11 percent to the last closing price on 28th November of $0.22.
Shareholders on BluGlass’ register at 5 pm on 30th November 2012 with registered addresses in Australia and New Zealand will also be given the opportunity to apply for up to A$15,000 worth of BluGlass’ ordinary shares.
This will be subject to any scale-back determined by BluGlass’ directors, at the same price as under the placement. This will not incur brokerage or transaction costs via a Shareholder Share Purchase Plan (SPP).
The purpose of the placement and SPP is to provide funds for a number of things.
Firstly, to commercialise BluGlass’ RPCVD technology for LED applications and further develop solar cell applications using the same technology.
BluGlass also plans to match funding, should it be successful with its application for an AusIndustry Clean TechnologyInnovation Program grant, and for general working capital requirements.
BluGlass proposes to issue 11.7 million fully paid ordinary shares at A$0.20 per fully paid ordinary share when the placement is settled later this week.
The placement issue price of $0.20 represents a discount of approximately 11 percent to the last closing price on 28th November of $0.22.
Shareholders on BluGlass’ register at 5 pm on 30th November 2012 with registered addresses in Australia and New Zealand will also be given the opportunity to apply for up to A$15,000 worth of BluGlass’ ordinary shares.
This will be subject to any scale-back determined by BluGlass’ directors, at the same price as under the placement. This will not incur brokerage or transaction costs via a Shareholder Share Purchase Plan (SPP).
The purpose of the placement and SPP is to provide funds for a number of things.
Firstly, to commercialise BluGlass’ RPCVD technology for LED applications and further develop solar cell applications using the same technology.
BluGlass also plans to match funding, should it be successful with its application for an AusIndustry Clean TechnologyInnovation Program grant, and for general working capital requirements.
