Upon completion of the deal, Zhu will own 29.22% of the company, just shy of the 30% trigger mark where mandatory general offers are required.
Biolidics is raising $1.5 million by issuing new shares to one Zhu Hua, to help pay an existing debt which is due soon.
In an SGX announcement on Oct 3, Biolidics (SGX:8YY
) says it is issuing 230.8 million shares to Zhu at 0.65 cents each.
