Metech International calls for trading halt pending announcement

CATALIST-LISTED Metech International requested a trading halt on Friday morning, pending the release of an announcement.

Its shares closed at 14.2 Singapore cents on Thursday, down 0.6 cent or 4.05 per cent.

Early this month, the e-waste management company had proposed a private placement of up to 22.5 million new shares at an issue price of S$0.153 each, as well as an issue of 22.5 million warrants at an exercise price of S$0.0153 apiece, to raise about S$6.88 million in total.

Metech had said that the rationale of the proposed placement cum warrants issue is to strengthen its financial position and cash position and for the group to be less reliant on external funding.

Proceeds will be used to repay the bond issue through crowdfunding platform FundedHere which comes due in January 2020, general working capital, and to fund general corporate activities.