• BluGlass has received commitments for $10.2 million via a Placement to institutional and sophisticated investors
  • Non-renounceable Entitlement Offer of up to $2.7 million to enable existing shareholders to participate on the same terms
  • Funds will be used to scale product delivery and expand laser offering to address new markets
  • Eligible Directors have committed to taking up their full entitlements

Global semiconductor developer BluGlass Limited (ASX: BLG) has secured $10.2 million in commitments from international and Australian institutional and sophisticated investors via a strongly supported share placement at an issue price of $0.06 per share.

BluGlass will also undertake a non-renounceable Entitlement Offer to raise up to a further $2.7 million, enabling the Company’s loyal shareholders to participate on the same terms as the Placement.

Funds will be used for additional fab equipment to scale and speed product delivery, and expand BluGlass’ product offering to increase market competitiveness.

Commenting on the Placement, BluGlass Chair James Walker said “The support of institutional and sophisticated investors provides confidence in our technical and commercial roadmaps, and we are pleased to welcome new and returning global funds to the register. The BluGlass team remains focused on growing market traction, generating recurring revenues, and delivering value for our customers and shareholders.”

BluGlass CEO Jim Haden added, “This funding will accelerate our commercialisation progress with advanced in-house capabilities enabling us to scale and speed our product delivery to meet significant unmet market needs. The market’s response to our initial products has been very encouraging, and we are looking to capitalise on this momentum to rapidly build our customer base and laser diode bookings.

“We’re also investing in our GaN laser offering to leverage our competitive advantages, address new markets and applications, and take market share. At the same time, we’re continuously improving the power and efficiency of our products toward world-class standards which will support growth in orders and revenue.

$10.2 million Placement

The Placement comprises an offer of 169,992,032 new fully paid ordinary shares in BluGlass at an issue price of $0.06. The issue price represents a 20% discount to the last closing share price on Wednesday 8 March 2023 and a 21.7% discount to the 15-day volume weighted average market price of the Company’s shares.

New shares under the Placement will rank equally with BluGlass’ existing ordinary shares.

Bell Potter Securities Limited is lead manager and bookrunner to the Placement and Entitlement Offer.

Entitlement Offer

BluGlass is undertaking a non-renounceable Entitlement Offer to raise up to a further $2.7 million before costs on the same terms as the Placement. Eligible shareholders may apply for 1 new share for every 30 fully paid ordinary shares in the Company held at 7.00pm, Thursday 16 March (Record Date) at an issue price of $0.06.

All shareholders at the Record Date with a registered address in Australia or New Zealand will be eligible to participate in the Entitlement Offer. Eligible shareholders may take up their entitlement to acquire new BluGlass shares in full, in part, or not at all.

The Entitlement Offer is non-renounceable, meaning eligible shareholders who do not wish to subscribe for some, or all, of their entitlement may not sell or transfer their rights.

Capital Raising Presentation: 

The Capital Raising Investor Presentation is available here: BLG Capital Raising Presentation

Indicative Timetable for Entitlement Offer

The timetable below is indicative only and subject to change. All times below are Sydney, Australia time.

Event Date
Announcement of the Entitlement Offer Monday, 13 March 2023
Lodgement of Appendix 3B, Offer Booklet and Cleansing Notice Monday, 13 March 2023
“Ex” date Wednesday, 15 March 2023
Record date for Entitlement Offer (7.00pm (Sydney time)) Thursday, 16 March 2023
Entitlement Offer opens Monday, 20 March 2023
Offer Booklet and entitlement and acceptance form despatched Monday, 20 March 2023
Closing date for acceptances under the Entitlement Offer (5.00pm (Sydney time) Monday 3 April 2023
Announcement of results of Entitlement Offer Wednesday 5 April 2023
Settlement of the Entitlement Offer Wednesday 5 April 2023
Allotment of New Shares issued under the Entitlement Offer Thursday 6 April 2023
Normal trading on ASX for New Shares issued under the Entitlement Offer commences Friday 7 April 2023
Despatch of holding statements for New Shares issued under the Entitlement Offer Friday 7 April 2023


The Entitlement Offer Booklet is available to download here: Offer Booklet – BluGlass Limited

BluGlass logo
About BluGlass

Developing leading-edge semiconductor manufacturing technology and devices for more than a decade, BluGlass Limited (ASX:BLG) is a provider to the global GaN photonics industries, delivering cutting-edge, custom laser diode and LED development across the industrial, defence, display, and scientific markets.

Listed on the ASX, we are an Australian public company established to power the smarter, cleaner, more efficient photonics of tomorrow with our proprietary low temperature, low hydrogen, remote plasma chemical vapour deposition (RPCVD) manufacturing technology.

Backed by an extensive network of supply-chain partners, BluGlass is developing a suite of laser diode products, from small batch custom lasers through to high-volume and off the shelf products.

For more information, please contact:

Stefanie Winwood +61 2 9334 2300