Raises $5.5M and Announces Share Purchase Plan
Raises $5.5M and Announces Share Purchase Plan
Melbourne, Sep 10, 2018 AEST (ABN Newswire) - Bluechiip Limited (Bluechiip or the Company), (ASX:BCT), a leader in the development of sample-tracking technology for harsh environments, today announced it has successfully raised $5.5 million via an oversubscribed placement to sophisticated and professional investors.

The placement comprised approximately 93 million ordinary fully-paid shares at an issue price of $0.059 per ordinary share.

Settlement of the placement is scheduled to occur on Thursday 13 September 2018 with allotment of the placement shares to occur on Friday 14 September 2018.

The placement was conducted in accordance with ASX Listing Rules 7.1 and 7.1A and will be settled in one tranche. Approximately, 39 million new ordinary shares will be issued under the Company's Listing Rule 7.1A capacity and the balance under Listing Rule 7.1 (approximately 54 million new shares).

CCZ Statton Equities acted as Lead Manager to the placement.

Andrew McLellan, Bluechiip Managing Director & CEO, said, "The board is delighted with the oversubscribed placement, especially coming after our recently updated agreement with Labcon North America for A$15.9 million of sales over a three-year period, announced on 29 August. The capital raised will provide a foundation for Bluechiip to finalise its product portfolio through to validation and release of our chips, readers and software. It also enables us to fully support our OEM partners' product release and to fund working capital to meet our growing orders. Furthermore, the capital raised will allow us to accelerate the opportunities and discussions we currently have in place.

We are also pleased to announce a Share Purchase Plan and invite all existing shareholders to subscribe for shares at the same price as the placement and without brokerage.

Bluechiip is now well positioned for a very exciting and sustainable future and we thank our new and existing shareholders for their support."

Share Purchase Plan

Following the placement, Bluechiip will now invite existing shareholders to invest in the Company via a Share Purchase Plan (SPP). Under the SPP, holders of existing Bluechiip shares on the share register as at 7pm (Sydney time) on the record date of Friday 7 September 2018 and who are eligible shareholders in Australia or New Zealand will each be invited to subscribe for up to A$15,000 of new fully paid ordinary shares in Bluechiip at the placement price of $0.059 per ordinary share.

No brokerage costs are applicable under the SPP.

Participation in the SPP is optional and the SPP will not be underwritten. Further information in relation to the SPP, including the SPP terms and conditions, will be outlined in a separate SPP booklet which will be despatched to eligible shareholders later this week.

The timetable for the SPP is as follows:

Event                                           Date
Record Date to determine eligibility to
participate in SPP                              7 September 2018 
Opening Date                                    14 September 2018 
Despatch of SPP Offer Document and
Application Form                                14 September 2018 
Closing Date                                    28 September 2018 
Allotment of SPP Shares                         3 October 2018 
Commencement of trading of Shares on ASX        4 October 2018 

The Bluechiip Board reserves the right to scale back and/or close the offer early. The timetable is indicative only and Bluechiip may, at its discretion, vary any of the above dates by lodging a revised timetable with ASX. The commencement of trading of new shares is subject to confirmation from ASX.

Funds raised from the placement and SPP will be applied to:

- Support the development and validated release of Bluechiip's core product line, chips, readers and software to support OEM partner product releases

- Working capital to build inventory of chips and readers including the handheld reader and multi-sample reader

- Continue to progress and convert BCT's expanding pipeline of OEM opportunities

- General working capital purposes

About Bluechiip Ltd

Bluechiip Ltd ASX BCTBluechiip Ltd (ASX:BCT) has developed a wireless tracking solution for the healthcare and life science, security, defence and manufacturing industries which represents a generational change from current methods such as labels (hand-written and pre-printed), barcodes (linear and 2D) and microelectronic integrated circuit (IC)-based RFID (Radio Frequency Identification).

The unique tag is based on MEMS technology and contains no electronics. The tag can either be embedded or manufactured into a storage product, such as vials or bags. Easy identification, along with any associated information from the tag such as temperature can be detected by a reader, which can also sense the temperature of the tagged items. The traditional identification technologies have significant limitations. Whereas a barcode requires a visible tag or line-of-sight optical scan, bluechiip(R) technology does not. Unlike labels, barcodes and RFID, the bluechiip(R) technology can sense the temperature of each item a tag is attached to, or embedded in.

The bluechiip(R) technology has initial applications in the healthcare industry particularly those businesses which require cryogenic storage facilities (biobanks and biorepositories). bluechiip(R) offers the only technology that enables accurate and reliable tracking of products including stem cells, cord blood, and other biospecimens. In addition to functioning in extreme temperatures, the bluechiip(R) tracking solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.

The bluechiip(R) technology has other healthcare applications in pathology, clinical trials and forensics. Several other key markets outside of healthcare include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.

Further information is available at http://www.bluechiip.com



Andrew McLellan
Managing Director / CEO
Bluechiip Limited
Ph: +61-457-823-470
Email: andrew.mclellan@bluechiip.com

Richard Allen
Ph: +61-3-9915-6341
Oxygen Financial PR

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