Golden Energy announces placement to restore public float
COAL miner and trader Golden Energy and Resources said on Monday it has entered into a placement agreement to allot and issue up to 181 million new shares at S$0.67 each.
This represents a discount of about 9.68 per cent over the volume-weighted average price of S$0.7418 for each share, based on the trades done on the Singapore Exchange mainboard on April 22, 2015, before trading in its shares was suspended the next day.
The placement is needed to restore its public float, the company said.
If fully subscribed, the company plans to use the estimated gross proceeds of about S$121.3 million to repay loans to creditors and for general working capital purposes.
Together with a S$1.3 million private placement to Deloitte & Touche Financial Advisory Services for professional fees (at the same price), this will increase the total number of the company's issued shares to 2.35 billion. The new shares in aggregate represent about 8.43 per cent of its issued shares.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Amazon breaks into Europe 5G networks with Telefonica cloud deal
Nanjing Xinjiekou Department Store announces May 23 EGM; Cordlife seeking legal advice
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up
US revokes Intel, Qualcomm’s export licenses to sell to China’s Huawei: sources
Global car giants seek tech allies in China’s cutthroat EV market
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO