The new shares represent 21.35% of the existing share capital in the company and 17.59% of the enlarged share capital upon the completion of the proposed subscription.
The Trendlines Group is seeking to raise $20.27 million by issuing 168.9 million new shares at 12 cents each to a group of four investors including Librae Holdings, which is now its single largest shareholder.
The other investors are FEA Innovations, Palm Tree IV and Avztim on Jan 19.
