BLUECHIIP RAISES $2.2 MILLION AND ANNOUNCES SHARE PURCHASE PLAN
Raises $2.2M and Announces Share Purchase Plan
Melbourne, May 5, 2023 AEST (ABN Newswire) - Bluechiip Limited (
ASX:BCT) (1BL:FRA), a leader in the development of advanced sample management solutions for harsh environments, today announced it has successfully raised $2.2 million (before costs) via a placement to institutional, sophisticated and professional investors (Placement) for 88.0 million new ordinary fully-paid shares at an issue price of $0.025 per ordinary share (New Shares).
The Placement was strongly supported by both existing and new shareholders, including the Company's existing substantial holders.
The Company's Chairman, Mr Iain Kirkwood supported the Placement by subscribing for a total of A$100,000 worth of New Shares. The Company advises that as Mr Kirkwood is a related party, this subscription will be subject to shareholder approval at the Company's next general meeting. The raising of $2.2 million is inclusive of the related party subscription.
The Company intends to use the proceeds of the Placement for continued production scaling and sales expansion, especially in the North American market and ongoing working capital.
The Company expects to resume normal trading on the ASX today, 5 May 2023, with the New Shares expected to be issued on Thursday 11 May 2023. The New Shares issued under the Placement will rank equally with existing shares on issue. The New Shares will be issued using the Company's existing capacity under ASX Listing Rule 7.1.
MST Financial Services Pty Ltd acted as the Lead Manager to the Placement.
In addition, the Company is also pleased to announce a Share Purchase Plan (SPP), inviting all existing shareholders to subscribe for new shares at the same price as the Placement.
Mr Andrew McLellan, Bluechiip Managing Director & CEO, said, "The Board thanks and greatly appreciates the support of all investors, both existing and new, as we continue to progress our highly differentiated technology into the global biospecimen preservation market to become the gold standard in sample management at extreme temperatures, providing confidence in every samnple. The capital raised will enable Bluechiip to accelerate both the landing of new accounts and also the expansion within existing laboratories, which already include global pharma and US Ivy League institutions, especially following our recently announced partnership with New York State Psychicatirc Research Institutue located in Columbia University in New York City".
Share Purchase Plan (SPP)
The SPP aims to raise an additional A$300,000 (before costs) and will enable 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 7.00pm (Sydney time) on the record date of Thursday, 4 May 2023 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 $0.025 per ordinary share (subject to scale-back at the Company's absolute discretion depending on the level of demand).
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.
*To view the timetable and further details, please visit:
https://abnnewswire.net/lnk/S17ZQTE9
About Bluechiip Limited
Bluechiip 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.
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