Bluechiip Ltd (ASX:BCT) has successfully raised $5.5 million via an oversubscribed share placement to sophisticated and professional investors at 5.9 cents per share.
The company’s unique and patented technology combines secure wireless sample tracking with integrated temperature reading for use in extreme environments.
Bluechiip's tag can either be embedded or manufactured into a storage product, such as vials or bags.
Whereas a barcode requires a visible tag or line-of-sight optical scan, bluechiip’s unique tag does not.
Unlike labels, barcodes and RFID, the bluechiip technology can sense the temperature of each item a tag is attached to, or embedded in.
Bluechiip managing director and chief executive officer Andrew McLellan 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.”
Bluechiip signs a AUD15M supply deal with Labconhttps://t.co/lKBU4O50hz
— Bluechiip Limited (@Bluechiip) August 29, 2018
McLellan added “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.”
Following the placement, Bluechiip has invited existing shareholders to invest via a share purchase plan (SPP) at the same price of the placement. Closing date of the SPP is September 28, 2018.
Funds raised from the placement and SPP will be applied to support the development and release of Bluechiip‘s core product line, chips, readers and software to support OEM partner product releases.
The company will also build inventory of chips and readers including handheld readers and multi-sample readers.