Key Points:
- BluGlass placement to leading technology focused micro-cap fund to raise A$2 million.
- BluGlass entitlement offer of approximately A$6 million to provide capital to expedite laser diode opportunity and enable ongoing execution of business strategy.
- Entitlement offer priced and structured to encourage broad shareholder participation.
- Issue price of placement and entitlement offer of $0.03 represents a 47.5% discount to the Company’s 15 day VWAP to 7 June 2021 of $0.0571.
- Directors and key executives to take up full entitlement under the entitlement offer.
BluGlass Limited (ASX:BLG) (BluGlass or Company) announces today a non-renounceable entitlement offer on a 1 for 4 basis (Entitlement Offer) to holders of ordinary shares in the Company (Shareholders) held at 7:00pm (Sydney time) on 15 June 2021 (Record Date).
BluGlass is also undertaking a private placement of 66,666,667 new fully paid ordinary shares (New Shares) to raise $2 million at an issue price of $0.03 per New Share (Placement). The New Shares to be issued under the Placement will be issued to a leading technology focused fund and are intended to be issued on or around 11 June 2021 and will be eligible to participate in the Entitlement Offer.
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