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SBI Offshore Ltd Proposes Placement Of 34,000,000 New Ordinary Shares


Wednesday, 6 Mar 2013 08:08am EST 

SBI Offshore Ltd announced the proposed issue or placement (the Proposed Placement) of 34,000,000 new ordinary shares (the Placement Shares) at an issue price of SGD0.108 (the Placement Price) for each Placement Share. The Placement Price represents a discount of approximately 10% to the volume weighted average price of S$0.12 for trades done on Catalist on March 5, 2013 (being the preceding full market day up to the time the Subscription Agreements were signed). The proceeds to be raised from the Proposed Placement, after deducting estimated expenses of approximately SGD50,000 will amount to approximately SGD3,622,000 million (the Net Proceeds). The Placement Shares of 34,000,000 represent approximately 27.94% of the Share Capital as at the date of this announcement and the date of the Annual General Meeting. Use of Proceeds: General working capital for existing project (10% to 20%); Other strategic alliances, market expansion and such business development plans when opportunities arise (80% to 90%). 

Company Quote

0.29
0.0050 +1.75%
19 Sep 2014