Hot stock: Blumont up 11 per cent

SHARES of Blumont Group climbed by over 11 per cent to a high of S$0.021 on Tuesday morning, after opening at S$0.019, S$0.001 higher then Monday's closing price.

At about 10.02am, Blumont shares were trading at S$0.02.

Some 50.79 million shares changed hands.

Blumont Group on early Tuesday morning said that it has obtained in-principle approval from the Singapore Exchange for the proposed placement of 100 million new shares priced at S$0.01705 each that could raise up to S$1.67 million in net proceeds.

The company said it intends to use the money for capital expenditure and operating expenses; legal, consultancy, professional and statutory fees; and director fees, wages and salaries.