Bluechiip raises $4.5 million through Share Purchase Plan. 9.1M total

Bluechiip raises $4.5M through thte Share Purchase Plan (SPP), $9.1M in total including the proceeds of placement. Download the ASX announcement HERE: https://www.asx.com.au/asxpdf/20191120/pdf/44br9vmcrctzd1.pdf

Bluechiip Limited (Bluechiip or the Company, ASX: BCT) is pleased to report the successful completion of the recently announced Share Purchase Plan (SPP), which raised $4.5 million.

The SPP, which was announced on 24 October 2019 in conjunction with a $4.6 million institutional placement, closed on Friday 15 November 2019.

The SPP raised a total of $4,494,750. A total of 29,964,947 shares will be issued at an issue price of $0.15 per share. Bluechiip’s directors decided to accept all valid applications from eligible holders with no scale back.

The shares issued under the SPP will rank equally with the Company’s existing ordinary shares on issue.

The shares to be issued as a result of the SPP are expected to be allotted on 20 November 2019 and quotation of the new shares is expected to occur on 21 November 2019.

Andrew McLellan, Bluechiip Managing Director & CEO, said, ‘The directors are very pleased with the applications received under the SPP and thank shareholders for their continued support of Bluechiip. 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.’