Bluechiip Limited Stock Market Press Releases and Company Profile
Bluechiip raises $3.425M from Rights Issue and Placement
Bluechiip raises $3.425M from Rights Issue and Placement

Melbourne, July 5, 2017 AEST (ABN Newswire) - Bluechiip Ltd (googlechartASX:BCT), a leader in the development of sample tracking technology for harsh environments, today announced that its pro rata 1-for-3 nonrenounceable rights issue (Rights Issue) at an issue price of $0.028 per ordinary share and its associated Top-Up Facility to raise up to $2.53 million (before costs) successfully closed on 30 June 2017. The Company also announces that it has raised an additional $885,000 via placement to sophisticated and professional investors.

Highlights

- 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 Limited

Bluechiip Ltd ASX BCTBluechiip 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.

 

https://twitter.com/bluechiip https://www.youtube.com/channel/UCaVcyO4O2oJ_9fLdMs6JIyQ https://www.linkedin.com/company/bluechiip-limited abnnewswire.com 


Contact

Corporate enquiries
Andrew McLellan
Managing Director - CEO
Ph: +61-457-823-470
andrew.mclellan@bluechiip.com

Media
Richard Allen
Ph: +61-3-9915-6341
Oxygen Financial PR
richard@oxygenpr.com.au



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 7) (Last 30 Days: 27) (Since Published: 4363)