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SINGAPORE: Catalist-listed Adventus said Tuesday it is raising some S$4.5 million in gross proceeds via a private placement.
It intends to offer about 142.6 million placement shares to 12 investors.
The price of each placement share will be 3.2 cents.
Adventus said the new buyers include a combination of individuals and privately held entities which have subscribed for the placement shares as private investment.
It said the investors are not related to one another and are not related to any director or substantial shareholder of the company.
The net proceeds from the proposed placement are estimated to be about S$4.3 million.
Adventus said it plans to use about 10 per cent of the net proceeds to augment working capital needs and the balance to fund strategic acquisitions.
It also said it is in negotiations with vendors for an acquisition to expand its resource and minerals business segment.
-CNA/wk
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