According to the company, the proceeds raised from this placement will be for working capital purposes.
Geo Energy Resources (SGX:RE4
) plans to raise up to $18.375 million by placing out up to 35 million new shares at 52.5 cents each.
The placement price represents a discount of approximately 3.1% to the volume weighted average price of 54.2 cents and a discount of approximately 1.9% to the closing price of 53.5 cents on April 2.
