Bluechiip Ltd (ASX:BCT) Raises $4.5 Million Through Share Purchase Plan

Bluechiip Limited (ASX:BCT) is pleased to report the successful completion of the recently announced Share Purchase Plan (SPP), which raised approximately $4.5 million.

The SPP, which was announced on 24 October 2019 in conjunction with a $4.6 million institutional placement, closed on Friday 15 November 2019.

The SPP raised a total of $4,494,750. A total of 29,964,947 new shares will be issued at an issue price of $0.15 per share. Bluechiip's directors decided to accept all valid applications from eligible holders with no scale back.

The new shares issued under the SPP will rank equally with the Company's existing ordinary shares on issue.

The new shares to be issued as a result of the SPP will be allotted today, with quotation of these shares expected to occur on 21 November 2019.

Andrew McLellan, Bluechiip Managing Director & CEO, said, 'The directors are very pleased with the applications received under the SPP and thank shareholders for their continued support of Bluechiip. The total proceeds raised through the institutional placement and the SPP - more than $9 million - will provide the company with a solid base to grow revenues, to capitalise on opportunities and to meet the growing needs of our partners.'


About Bluechiip Limited

Bluechiip Limited (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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