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  • Bluechiip Limited has completed a $4.5 million share purchase plan
  • More than 29 million new shares were issued at a price of $0.15 per share
  • According to Managing Director and CEO Andrew McLellan the funds will provide the company with a solid base to grow revenue
  • Bluechiip has ended the day down 5.56 per cent with shares trading for 17 cents apiece

Bluechiip Limited has announced the successful completion of the $4.5 million share purchase plan (SPP).

The SPP was first announced on October 24 in conjunction with a $4.6 million institutional placement that closed on November 15.

A total of $4,494,750 has been raised through the issue of 29,964,947 new shares priced at $0.15 per share.

These new shares will rank equally with Bluechiip’s existing ordinary shares that are currently on issue.

The new shares are expected to be allocated today with quotation expected to occur on November 21.

“The directors are very pleased with the applications received under the SPP and thank shareholders for their continued support of Bluechiip,” Managing Director and CEO Andrew McLellan commented.

“The total proceeds raised through the institutional placement and the SPP – more than $9 million – will provide the company with a solid base to grow revenues, to capitalise on opportunities and to meet the growing needs of our partners,” he added.

Bluechiip is a developer of IT-based temperature and identification tracking solutions for biosamples in the health and life sciences industries.

It has developed a wireless tracking solution for the healthcare and life science, defence, security and manufacturing industries.

This represents a generational change from current methods such as labels, barcodes and microelectronic integrated circuit based radio frequency identification.

The unique tag is based on MEMS (micro-electromechanical systems) technology and contains no electronics.

The tag can either be embedded or manufactured into a storage product such as vials or bags.

Easy identification, amongst other information, can be detected by the reader which can also sense the temperature of the tagged items.

Bluechiip has ended the day down 5.56 per cent with shares trading for 17 cents apiece in a market cap of $100.5 million.

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