Geo Energy Resources (SGX:RE4
) plans to raise up to $18.375 by placing out up to 35 million new shares at 52.5 cents each.
The placement price represents a discount of approximately 3.1% to the volume weighted average price of 54.2 cents and a discount of approximately 1.9% to the closing price of 53.5 cents on April 2.
According to the company, the proceeds raised from this placement will be for working capital purposes.
Upon completion of the placement, Geo Energy Resources’ total share count will increase by about 2% to more than 1.77 billion shares.
This placement is managed by KGI Securities.
Shares in Geo Energy Resources closed at 53.5 cents on April 2, down 3.6%. For the past one year, Geo Energy Resources’ share price saw a gain of 67.2%.
