BluGlass (ASX:BLG) Completes $2.3M Placement and Launches $6M SPP Offer
Financial Details
BluGlass has secured $2.3 million through a share placement with commitments from institutional and sophisticated investors, including the Board and Management. Additionally, the company has launched a Share Purchase Plan (SPP) Offer to raise up to $6 million, allowing existing shareholders to purchase up to $100,000 worth of shares at a discounted price.
Use of Funds
The funds raised will be used to scale product delivery, acquire additional fabrication equipment, and provide working capital. This investment supports BluGlass’ growing pipeline of projects valued between US$90-100 million across various high-growth sectors, including defence, quantum, and consumer electronics.
Executive Comments
Chair James Walker stated, “We are delighted to have received strong support of both new and existing institutional and sophisticated investors, helping bring to market the next frontier of visible laser technology for the global quantum, defence, and aerospace markets. This investment is testament to the Company’s execution of our strategy, our key industry partnerships, including with the US Department of Defense, combined with the potential of our high-performance precision technology for next-generation applications.”
CEO Jim Haden added, “BluGlass has achieved critical milestones over the past 12 months, demonstrating world-record laser performance, strong revenue growth, and strategic customer wins that significantly progress our technical and commercial roadmaps. This support helps ensure the Company is in a strong position to execute on our growing US$90-100 million project pipeline, a key foundation to securing large-scale, long-term follow-on revenues; as we work with key industry partners to design-in BluGlass high-fidelity lasers in next generation laser solutions in quantum sensing, aerospace, and defence applications.
“I’d like to take this opportunity to thank existing shareholders for their continued support and to welcome our new investors to the BluGlass register.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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