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Addvalue Tech to place 100m new shares to raise S$2.5m
ADDVALUE Technologies announced after trading hours on Wednesday that the company has entered into several subscription agreements to place 100 million new shares at S$0.025 per share with the total consideration amounting to S$2.5 million.
The ten subscribers are a mix of investors and employees: Audrey Hing Zeng Ming, Yuen Wai Kheong, Yuen Wai Leng, Fong See Chuen, Tan Kiang Peng, Ekanayake Mudiyanselage Lakshman Ekanayake, Dr Hu Gang, Tan Juay Hwa, Eyal Trachtman, and Richard Cooperman.
The placement shares represent approximately 5.34 per cent of the enlarged issued and paid-up share capital of the company.
The placement price of S$0.025 is the volume-weighted average price for trades done on shares on the Singapore Exchange mainboard on Oct 29 and Oct 30 prior to the trading halt.
The company intends to utilise 60 per cent of the net proceeds from the proposed placement for the redemption of the S$1.5 million bond, and the rest for the working capital requirements of the group, including the funding for its space capabilities development programme.