BluGlass - Fund-raising and acquisition
BluGlass has raised A$3.4m through a placement at A$0.03/share to purchase a laser diode fabrication facility (fab) in California’s Silicon Valley. It intends to raise up to A$7.5m through an entitlement offer to existing shareholders, also at A$0.03/share, which closes on 12 April 2022 using the proceeds to convert the fab to GaN laser diode production. The transaction is in line with management’s stated aim of bringing third-party processes in-house, but BluGlass is proceeding with this much sooner than originally planned because of the opportunity to purchase a fab for a fraction of the price of building a new one.BluGlass is engaged in the research and development of Group III nitrides for the development of new processes and equipment to manufacture devices such as light-emitting diodes and solar cells. Co. is using its patented low temperature Remote Plasma Chemical Vapour Deposition technology to manufacture semiconductor materials.
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