HRnetGroup has raised nearly $7 million placing out 9.78 million treasury shares at 71.4 cents each to raise working capital.
The placement came about through a reverse inquiry from a financial institution and thus will not be paying any fees or commission, says the recruitment firm on Oct 6.
The investors are not named for now.
HRnetGroup says it decided to go ahead with the placement so as to enhance trading liquidity and free float.
The placement shares represent just 0.999% of its share base and approximately 0.989% of the enlarged number of issued shares, excluding treasury shares.
At 71.4 cents, the placement price represents a discount of approximately 4.16% to the volume weighted average price of 74.5 cents Oct 3.
In a separate announcement later in the day, HRnetGroup says that the five investors are Avanda Investment Management, one of the three fund managers given the initial $1.1 billion in government money to invest in smaller caps; Lion Global Investors, fund management firm linked to OCBC and ICH Asset Management, led by Vincent Toe.
Two other investors came in in their personal capacities: Lim Chap Huat, Soilbuild Construction Group's executive chairman and Dr Chong Weng Chiew, a former politician who is known to hold various directorships.
HRnetGroup shares closed at 74 cents on Oct 6, down 0.67% for the day but up 7.25% year to date.
