Bluechiip Ltd Raises $3.425 Million From Rights Issue And Placement
Published: Jul 05, 2017
- Total capital raised $3.425 million;
- Rights Issue acceptances (including acceptances under the Top-Up facility) raises $719,415. The balance of the Rights Issue shortfall (approx. $1.81 million) has been placed with sophisticated and professional investors;
- Private placement with sophisticated and professional investors at $0.028 per ordinary share raising a minimum of $885,000.
Effect of Rights Issue on Capital Structure and Shortfall Notification
Event Number of Shares Shares currently on issue 271,810,092 Maximum shares offered under Rights Issue 90,615,283 Entitlement shares applied for by eligible holders under Rights Issue 21,413,873 Shares applied for by eligible shareholders under the Top-Up Facility 4,279,534 Rights Issue shortfall shares placed with sophisticated and professional investors 64,921,876
The Company will issue and allot all entitlement and shortfall shares applied for by current shareholders in line with the current rights issue timetable, and will apply to ASX for quotation of these shares.
The directors took up their entitlements under the Rights Issue and, in addition, the Chairman committed to subscribe for an additional 8,928,571 shortfall shares ($250,000). The issue of these shares will be subject to shareholder approval, which will be sought at the Company's 2017 AGM.
Settlement of the issue of the balance of the shortfall and placement shares is expected to be finalised next week.
Mr Iain Kirkwood, Bluechiip's Chairman, said: "This capital raising was well supported and represents a significant and pivotal milestone for the Company. The Board thanks all shareholders who took up their entitlements and is very pleased to welcome a number of significant, new shareholders onto our register."
Mr Andrew McLellan, Bluechiip's Managing Director and CEO, said: "The injection of these funds, after costs, which were kept to a minimum, provides the necessary working capital to supply and build the sales pipeline in FY18 and beyond. As announced on 21 June, we have started shipping products to our first OEM customer in the USA and we expect revenues to accelerate significantly in FY18."
About Bluechiip Ltd
Bluechiip's unique and patented technology combines secure wireless sample tracking with integrated temperature reading for use in extreme environments, working reliably in temperatures from -196DEG C to +200DEG C, and impervious to autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Based on MEMS technology, the Bluechiip(R) tag contains no electronics. Unlike traditional tracking technology like labels, barcodes or RFID, Bluechiip does not require line-of-sight visibility for temperature readings and tracking, and so can be read through frost without damaging the sample.
The tag can either be embedded or manufactured into storage products such as vials or bags. Easy identification, along with any associated information from the tag can be detected by a reader, which can also sense the temperature of the tagged items. Unlike other tracking methods, the Bluechiip(R) technology can sense the temperature of each item a tag is attached to or embedded in.
This technology is particularly important for industries such as the $2b biopreservation and cryopreservation market, which processes more than 300 million samples per year of tissue, blood, serum, plasma, etc., for industries such as pharmaceuticals, IVF, research and clinical trials. It also has applications in cold chain logistics, food, manufacturing, security and defence.
Further information is available at http://www.bluechiip.com