Jubilee Industries to raise up to S$3m in proposed placement, warrant issue

JUBILEE Industries Holdings has entered conditional placement letters with seven individuals to raise up to S$3 million via the issue of shares and warrants, the Catalist-listed company announced on Saturday.

The seven placees will subscribe to 30 million shares of Jubilee at S$0.05 each, a 5.66 per cent discount to the counter's volume weighted average price on July 19. In addition, Jubilee will issue 30 million warrants to the placees, each at an exercise price of S$0.05.

The placees are: Levin Lee Keng Weng; Koh Leena Marie; Ng Eng Tiong; Ng Chuen Guan; Chew Leok Chuan; Ong Eric and Lee Bee Seng. Mr Ng Chuen Guan will be subscribing to 14 million placement shares, the largest portion among the placees.

Jubilee intends to use all the net proceeds for general working capital purposes. Its chief executive Terence Tea said that the placement will "strengthen the group's financial position and enable Jubilee to capitalise on growth opportunities as demand picks up in line with the global recovery from Covid-19".

Shares of Jubilee closed at S$0.049 on Friday.