Bluechiip Limited Stock Market Press Releases and Company Profile
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), (googlechartASX: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 toparticipate in SPP                              7 September 2018 Opening Date                                    14 September 2018 Despatch of SPP Offer Document andApplication 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 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: 8) (Last 30 Days: 41) (Since Published: 4372)