Australian semiconductor developer BluGlass Limited (ASX: BLG) has closed its oversubscribed nonrenounceable entitlement rights issue, successfully raising the maximum of $5.92m before costs.
The rights issue enabled eligible shareholders to subscribe for new shares in the Company on a 1 for 4 basis at $0.03 per share. Strong support from shareholders saw shortfall applications exceed the rights issue target and a pro-rata scale back of approximately 4% will be applied to all shortfall applicants, with the refund amount to be credited to shareholders in the coming weeks.
BluGlass has also agreed a separate private placement to Viriathus Capital of a further $500,000 on the same terms as the rights issue.
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