ISOTeam to Raise SG$10 Million via Placements for Drone Business; Shares Down 3%

MT Newswires09-11

ISOTeam (SGX:5WF) plans to raise about SG$10 million to support its drone undertakings, according to a Thursday filing with the Singapore Exchange.

The company is looking to place about 86.2 million shares at SG$0.081 per share to raise approximately SG$7 million and 32.9 million convertible shares at SG$0.091 apiece to generate SG$3 million.

SAC Capital was appointed as the share placement agent, while SooChow Singapore Capital Markets (Asia) was appointed as the agent for the convertible bond placement.

Maybank Securities was appointed as the sub-placement agent.

The proposed offerings are expected to be completed no later than eight weeks from Sept. 11.

Shares of the company were down over 3% in Thursday trading.

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