SINGAPORE (Mar 25): Sino Grandness Food Industry has entered into a placement agreement to sell 170 million new shares to JW Capital Group at 4 cents each for 6.8 million.
The issue price represents a discount of 6.98% to the volume weighted average price of 4.3 cents per share, as at Mar 22.
The placement shares represent 17.36% of the group’s issued share capital and about 14.79% of the enlarged share capital after the placement.
Following this placement, the group will have in issue about 1.15 billion shares.
After deducting the placement expenses of about $50,000, net proceeds will come up to about $6.75 million, which the group intends to use 60% to repay part of the outstanding sums due to Soleado Holdings, while 40% will go to general working capital purposes.
