(MENAFN - ProactiveInvestors - Australia) BluGlass (ASX: BLG) has received commitments for a placement to institutional investors to raise A2.35 million to fund the commercialisation of its Remote Plasma Chemical Vapour Deposition (RPCVD) technology for Light Emitting Diodes (LEDs).
The company will issue 11.7 million shares at A0.20 per share, representing a discount of about 11% to the closing price of 0.22 on 28 November.
BluGlass recently achieved proof of concept of its Light Emitting Diodes (LED) technology, which is now being produced with industry-equivalent electrical properties, significantly de-risking the technology.
The company is now able to use its low temperature RPCVD technology to produce n-type gallium nitride (GaN) films with low impurities and good electrical properties equivalent to films grown using the industry standard process " MOCVD.
BluGlass is focusing on improving p-GaN layers with the goal of improving LED device efficiency over current produced devices.
While the p-GaN device demonstration is the primary short term commercial focus, BluGlass will also continue research and development into solar and other areas of an LED that can take advantage of the low temperature platform technology.
The funds from the placement will go towards further development for solar cell applications using the RPCVD technology, as well as provide match funding should BluGlass be successful with its application for an AusIndustry Clean Technology Innovation Program grant.
Share purchase plan
BluGlass is also offering shareholders the opportunity to apply for up to A15,000 worth of shares at the same price as the placement.