not vested
Rex International Holding Limited is pleased to announce that it intends to place out up to 168 million new ordinary shares through a private placement exercise at a placement price of S$0.57 per Placement Share which will raise gross proceeds of up to approximately S$95.76 million.
The net proceeds of approximately S$93.49 million will be used to settle the liabilities of and to inject working capital into Rex Technology Management Ltd, which the Company announced it was acquiring on 2 September 2014 to fund:-
1. the Group’s field development plans, drilling operations in Oman and Sharjah, the UAE in the third quarter of 2015,
2. increased participation in the number of drilled wells in Norway in 2015 and
3. for existing and potential new business opportunities generated through Rex Virtual Drilling.
The Placement Price of S$0.57 per Placement Share represents a discount of 7.7% to the volume weighted average price of S$0.6176 for each share, based on trades done on the shares on the Catalist of the SGX-ST on 1 September 2014.
Source: Phillips