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Metech International Ltd Announces Placement Of New Ordinary Shares

Tuesday, 12 Mar 2013 08:07am EDT 

Metech International Ltd announced that the Company has on March 12, 2013 entered into a placement agreement (the Placement Agreement) with Lim & Tan Securities Pte Ltd as the placement agent (the Placement Agent). Pursuant to the Placement Agreement, the Company has agreed to allot and issue up to 363,881,128 new ordinary shares in the capital of the Company at an issue price of SGD0.0198 for each Placement Share and the Placement Agent has agreed, on a best endeavours basis, to procure subscribers for the Placement Shares at the Placement Price on the terms and subject to the conditions of the Placement Agreement. Assuming that all the Placement Shares are placed out, the estimated net proceeds from the Placement (the "Net Proceeds") will be approximately SGD7,054,800 (after deducting expenses of approximately SGD150,000 incurred by the Company in connection with the Placement). The Company intends to use the Net Proceeds as follows:- Approximately S$2,822,000 (amounting to approximately 40% of the Net Proceeds) will be used for the Group to continue to expand its business operations in Europe, United States of America; and Asia. Approximately S$4,232,800 (amounting to approximately 60% of the Net Proceeds) will be used to provide general working capital to fund operations, improve current premises and facilities, installation of processing lines and to increase the operational and warehousing capability of selected plants. 

Company Quote

27 Feb 2015