Terratech to place 74m new shares at 4.05 S cents apiece for strategic investments

TERRATECH Group plans to place out up to 74 million new shares at 4.05 Singapore cents apiece to raise S$3 million for exploring strategic investments, the marble producer announced on Monday.

The placement price is a 9.8 per cent discount to the stock's volume weighted average price of 4.49 Singapore cents on March 24. Trading was halted on Monday.

The new shares being offered represents 12.03 per cent of Terratech's existing share capital and 10.74 per cent of enlarged share capital.

About 60 per cent of the proceeds have been earmarked for exploring investments, acquisitions, strategic alliances and joint ventures. The remainder will be used for working capital.

UOB Kay Hian is the placement agent for the deal.