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JCG Investment enters into agreement to place out shares, warrants

CATALIST-LISTED JCG Investment and a Malaysian have entered into a subscription agreement, with the individual investor subscribing for over 53.4 million new shares and over 10.6 million new warrants in the former.

The deal will see the company raising S$100,000 in gross proceeds from the placement at S$0.00187 per share, said JCG on Tuesday in a regulatory filing. Also, its investment warrant exercise will yield JCG additional gross proceeds of up to S$21,390 at an exercise price of S$0.002 per warrant if converted.

"The company has decided to place the subscription shares to the subscriber so as to strengthen the financial position of the company and meet its funding needs, placing it in good stead to execute its business plans," said JCG, which deals in aesthetic medical and healthcare services.

Bong Yung Siong, the investor, will own 0.42 per cent of the enlarged issued share capital of JCG, as a result of the shares subscription and warrant conversion. Mr Bong, a director of Malaysian company In & On ID, is said to have many years of experience in the interior design industry. He is a friend of and became aware of this investment opportunity through Ng Tian Sang, JCG's non-executive chairman and substantial shareholder. 

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The company's shareholders had at the annual general meeting held in April granted mandate for general share issue.

JCG shares closed flat at S$0.02 on Tuesday before the subscription agreement was announced.