Bluechiip raises $4.6M and announces SPP
Bluechiip raises $4.6M and announces SPP
Melbourne, Oct 24, 2019 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 $4.6 million via a placement to institutional, sophisticated and professional investors (Placement).

The Placement comprised approximately 31 million new ordinary fully-paid shares at an issue price of $0.15 per ordinary share.

Settlement of the Placement is scheduled to occur on Tuesday 29 October 2019 with allotment of the Placement shares to occur on Wednesday 30th October 2019.

CCZ Statton Equities acted as Lead Manager to the Placement. The Placement was conducted in accordance with ASX Listing Rule 7.1 and will be settled in one tranche.

In addition, the Company also announced today a Share Purchase Plan (SPP), inviting all existing shareholders to subscribe for new shares at the same price as the Placement and without brokerage.

Andrew McLellan, Bluechiip Managing Director & CEO, said, "The demand for the Placement exceeded our proposed placement amount, which reflects strong support from both existing and new institutional investors. The Company has achieved significant progress in recent months which is reflected in our current share price rise and now the Placement demand."

"The capital raised from the Placement and expected receipts from the SPP will enable us to continue to scale operations, especially with regard to our chip production. Recent orders will see us moving through 3 to 5 million units of production a year and eventually more than 10 million units a year. The fresh funds will also assist us to convert our current large pipeline of prospective Original Equipment Manufacturer (OEM) partners- particularly in the important US market - and to support and meet the requirements of our existing OEM partners."

"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 (SPP)

The Placement will be followed by an offer to existing Australian and New Zealand shareholders of the Company to invest in the Company via the SPP. Under the SPP, holders of existing Bluechiip shares on the share register as at 7pm (Sydney time) on the record date of 23 October 2019 and who are eligible shareholders in Australia or New Zealand will each be invited to subscribe for up to A$30,000 of new fully paid ordinary shares in Bluechiip at the placement price of $0.15 per ordinary share. No cap on SPP subscriptions has been set to date, but the Board reserves the right to scale back applications at its discretion depending on the level of demand.

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 next week.

The Bluechiip Board reserves the right to scale back and/or close the SPP 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.

Further details about the SPP

The key details of the SPP are as follows:

a. Each eligible Australian and New Zealand shareholders of the Company who is registered on the Company's register of shareholders on the Record Date (7pm (AEDT) on 23 October 2019) will have the opportunity to purchase a minimum of $2,000 and up to $30,000 worth of new, fully paid, ordinary shares in the Company (subject to discretionary scale back) (SPP Shares), without incurring brokerage or other transaction costs.

b. The issue price of each of the SPP Shares will be $0.15 (the same as the issue price under the Placement) and the SPP Shares will rank equally with all existing shares.

c. The Company reserves the right to scale back applications under the SPP.

d. The offers under the SPP are non-renounceable and non-transferable and, therefore, eligible shareholders cannot transfer their right to purchase SPP Shares to a third party.

e. The SPP is not underwritten.

To view the SPP Timetable, please visit:
https://abnnewswire.net/lnk/38WM61E4


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

    


Contact

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

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



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