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BluGlass, a global semiconductor developer, has closed its Share Purchase Plan (SPP), raising $5.87 million before costs. The SPP enabled eligible shareholders to subscribe for up to $100,000 of new BluGlass shares at $0.037 per share, with (subject to shareholder approval) one free attaching option. Options are exercisable at $0.046 and expire on 28 February 2025. Every attaching option exercised will include an additional piggyback option, exercisable at $0.06 and expiring 28 February 2027. The SPP followed a strongly supported $4.3 million placement to institutional and sophisticated investors on the same terms, raising a total of $10.17 million.

Funds will accelerate production and delivery of the Company’s gallium nitride (GaN) lasers, fulfilling new and existing contracts, as well as support additional fab capabilities and working capital.

BluGlass CEO Jim Haden said, “This capital supports our continued growth, enabling us to step-up production and delivery of our visible GaN lasers in rapidly growing markets, driven by adoption across advanced manufacturing, quantum sensing and computing, defence, space and biotech applications. We’re also investing in future capabilities, such as our Distributed Feedback (DFB) lasers, which have been key to winning revenue-generating projects and partnerships with the US CLAWS Hub and laser pioneer Applied Energetics. These projects provide substantial revenue growth while allowing us to bring to market higher-value products that further differentiate us from larger competitors."

“I’d also like to thank our loyal shareholders for their continued support and belief in our innovative solutions to solve complex customer challenges and vision of providing the world’s easiest-to-use GaN laser light. We’re executing against clear technical and commercial roadmaps to deliver higher-value products, and are focused on delivering business growth and maximising shareholder value.”

About BluGlass

Developing leading-edge semiconductor manufacturing technology and devices for more than a decade, BluGlass Limited is a provider to the global GaN photonics industries, delivering cutting-edge, custom laser diode and LED development across the industrial, defence, display, and scientific markets.

Click here to know more about BluGlass' GaN laser diodes.