Magnus Energy to raise S$1.18m from placement of 1.31b new shares

Singapore

MAGNUS Energy Group is placing out 1.31 billion new shares at 0.09 Singapore cent apiece to 10 parties to raise S$1.18 million in cash.

Magnus attributed the rationale for the share placement to the need to bolster its working capital position and to inject funds to grow the business, it said in a filing with the Singapore Exchange on Thursday night.