The minimum placement price represents a premium of about 14.3% to the volume weight average price (VWAP) of 0.7 cents for trades done on the SGX for the full market day of July 4.
mm2 Asia is seeking to raise $15 million in a proposed placement round, by issuing 1,875,000,000 new ordinary shares at 0.8 cents a piece.
On July 4, the company entered into a placement agreement with placement agent UOB Kay Hian (UOBKH). The placement price was arrived at pursuant to discussions with UOBKH taking into account the prevailing market price of the shares.
