The issue price represents a discount of 8.58% to the volume weighted average price of 8.762 cents per share based on trades done on Jan 17.
Viking Offshore and Marine is seeking to raise gross proceeds of $880,000 through the private placement of 10,987,143 new shares in a bid to raise funds and strengthen its financial and working capital position.
The company had, on Jan 18, entered into a placement agreement with Xiang Xiping to place the shares at an issue price of 8.01 cents apiece.
