Artivision Technologies to raise $4.27 million in share placement

CATALIST-listed Artivision Technologies jas entered into a subscription agreement with eight parties to raise net proceeds of $4.27 million.

The 35.7 million new shares were issued at 12.2 cents apiece, a 10 per cent discount to the volume weighted average price of 13.6 cents per share when it was traded last Friday.

It also issued options to the eight parties to buy up to 35.7 million additional shares at the same price, which must be exercised before Sept 28, 2015, the company said in a filing with the Singapore Exchange on Wednesday.

The eight parties include investment funds, companies as well as individuals such as Ms Lynette Le Mercier, Mr Tan Ah Lye, Mr Andrew Ong Hock Sing as well as Ms Elsie Chia Kee Neo.

Of the money raised, $3.5 million will go to settling unpaid construction costs of facilities relating to its proposed acquisition, Colibri Assembly Thailand Co.

In the event that the acquisition does not proceed to completion, the net proceeds will be channeled to other working capital requirement and future expansion or acquisition opportunities, said Artivision Technologies.