Bluechiip successfully raises $1.49 million
Melbourne, Sep 21, 2016 AEST (ABN Newswire) - Bluechiip Limited (
ASX:BCT), a leader in the development of sample tracking technology for harsh environments, today announced that its pro rata 1-for-3 non-renounceable (Rights Issue) at an issue price of $0.022 per ordinary share (New Share) and its associated Shortfall Facility to raise up to approximately $1.49 million (before costs) closed on 16 September 2016.
Highlights:
- Total capital raised $1.49 million
- Non-Renounceable Rights Issue acceptances (including Shortfall Facility) raises $1,476,763; and
- Balance placed with sophisticated and professional investors.
The Company accepted applications for the subscription of 34,918,815 New Shares from eligible shareholders under the Rights Issue to raise approximately $770,000. This represents approximately 52% of all New Shares offered under the Rights Issue.
In conjunction to the non-renounceable Rights Issue Bluechiip successfully arranged for shares to be placed with a number of sophisticated and professional investors raising an additional $720,000.
Mr Andrew McLellan, Bluechiip's Managing Director and CEO, said:
"We are very pleased with the successful completion of the Rights Issue and are delighted with the continued support we received from our shareholders, many of whom have committed additional funds over and above their existing entitlements. We are also delighted to receive the support from new shareholders who we welcome to our share register."
The injection of funds, after costs (kept to a minimum by utilizing primarily internal company resources), provides a strong platform for Bluechiip to continue to execute on its strategy including:
- The ability to complete the development through to launch of Bluechiips technology with our partner in the Assisted Reproductive Technologies (ART) market;
- To continue to convert current evaluation and development trials with pipeline partners in USA, EU and Asia, the most recent of which is the exciting partnership formed with Planet Innovation as recently as last week.
- Continued operations and corporate overheads".
The following table (see link below) sets out the number of new shares to be issued to eligible shareholders and to sophisticated and professional investors under the Rights Issue.
The allocation of the New Shares to shareholders will occur on Friday 23 Sept 2016, with holding statements dispatched on the same date in accordance with the published timetable. The New Shares will commence trading on a normal settlement basis on 26 September 2016.
The relevant Appendix 3B will follow the issue and allotment.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/74YU2EG4
About Bluechiip Limited
Bluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.
Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Bluechiip: Delivering confidence in every sample.
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