Bluechiip raises $750k in placement

Bluechiip Limited (ASX:BCT) has raised $750,000 in its second major share placement this calendar year.

The company, which has developed a potential RFID competitor in the form of a wireless tracking tag capable of operating in extreme temperatures, placed 3.75 million shares in a private allocation.

The 20 cent per share price represented a 7 per cent discount to the trading price of $0.215 prior to the allocation. The placement follows a 2.36 million share placement conducted at the same issue price in January.

Bluechiip managing director Brett Schwartz said the extra funding “provides us with a solid platform for the successful commercialisation of the bluechiip tracking solution in 2012 and beyond.”

Last week, Bluechiip reported a 1H12 net loss of $1.45 million as a result of commercialisation expenses, but this was a 29.1 per cent improvement on its results for 1H11.

Bluechiip first listed on the ASX trading in June last year, after raising $3 million through the capital raising component of its IPO.

BCT shares fell 2.33 per cent in Friday's trading to $0.210 after the placement was announced.