Catalist-listed Epicentre Holdings, the retailer of Apple computers and products, on Wednesday entered into agreement with placement agent KGI Fraser Securities to find buyers for up to 45.8 million new shares of the company on a “best efforts basis”.
Given that the issue price will not be less than 25 cents per new share, the total amount raised would be at least $11.45 million. The placement shares, if subscribed in full, represent 49.1% of the current share capital of the company.
Half of the net proceeds will be used to support business development and provide liquidity for business expansion while the other half will be used as general working capital purposes.
In March, EpiCentre became the first in Singapore to raise at least $1 million through the crowdfunding platform MoolahSense. The loss-making company raised debt for inventory purchases and general working capital, at an interest rate of more than 10%. The debt will be repaid through the sale of merchandise, EpiCentre told the investors.
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Given that the issue price will not be less than 25 cents per new share, the total amount raised would be at least $11.45 million. The placement shares, if subscribed in full, represent 49.1% of the current share capital of the company.
Half of the net proceeds will be used to support business development and provide liquidity for business expansion while the other half will be used as general working capital purposes.
In March, EpiCentre became the first in Singapore to raise at least $1 million through the crowdfunding platform MoolahSense. The loss-making company raised debt for inventory purchases and general working capital, at an interest rate of more than 10%. The debt will be repaid through the sale of merchandise, EpiCentre told the investors.
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