Teledata raising $2.3m through placement

TELEDATA (Singapore) Limited is placing out up to 240 million new shares in an exercise that will raise net proceeds of about $2.33 million.

The shares will be issued at 1.02 cents apiece, which represents a discount of 7.27 per cent to the volume-weighted average price of 1.1 cent.

Net proceeds will be used for general working capital, payment of trade payables and general expansion of the business, the communications services provid…