The placement shares are priced at a discount of approximately 7.53% to the volume weighted average price of 29.2 cents for trades done on Jan 23.
Wesley Shen, executive director and CEO of Skylink says that the proposed placement will help strengthen its balance sheet and provide the company with greater financial flexibility to pursue new opportunities ahead.
Teh Wing Kwan, non-independent and non-executive chairman of Skylink sees the proposed placement as a way to tap institutional investors for additional capital, which will broaden the company’s investor base.
SAC Capital Private Limited is appointed as the placement agent for the above proposed placement.
See also: Geo Energy plans to raise $14.875 mil placing out new shares at 42.5 cents each
As at 9.22am, shares in Skylink are trading up 2 cents, or 6.89% up at 31 cents.
