The placement price of the new shares is a discount of 66% off the company’s volume-weighted average price of 2.65 cents on Feb 28, which was the last market day before trading suspension was called.
Eneco Energy, which used to be called Ramba Energy, plans to raise some $15.7 million in net proceeds to pay debt and fund new growth.
Under the proposed placement, the company plans to issue up to 1.66 billion new shares at 0.9 cents each and up to 1.66 billion detachable, transferrable warrants at 0.1 cents each.
