Cheah currently holds 3.8 million shares or a 0.29% stake in the company. Following the placement, she will own 31.1 million shares or 2.35% of the enlarged share capital.
Mercurius Capital Investments is planning to issue 27.3 million new ordinary shares at an issue price of 5.5 cents per new share in a private placement with existing investor Cheah Bee Lin, raising a total of $1.5 million.
The proposed issue price represents a 9.8% discount to the volume-weighted average price (VWAP) of 6.1 cents as of June 2.
