The group intends to use the funds raised for the development of the Capital City Project, partial repayment of existing loans and borrowings and for working capital purposes.
SINGAPORE (July 15): Capital World, formerly known as Terratech Group, entered into a term sheet agreement on July 10 with two individuals – Yuan Zhiwei and Chng Chor Tong – relating to a proposed issuance of new ordinary shares of the company.
Capital World will be issuing about 916 million new shares at 2 cents each to raise about $18.3 million. The issue price represents a 13.04% discount to the volume weighted average price of 2.3 cents on the close of July 5, being the latest full market day before the term sheet was signed.
