JES International to place out 50 million new shares to raise $7.2 million

JES International Holdings has agreed to place out new shares to Merlion Capital, Mr Lee Loi Sing, YA Global Master and Mr Yin Xiangdong.

Together, they will subscribe for 50 million new shares at 14.463 cents each.

The price represents a discount of about 10 per cent to the weighted average price of 16.07 cents on Feb 27, being the last full market day immediately preceding the date on which the agreement was signed.

The placement will raise gross proceeds of some $7.2 million and will be used towards the company's general working capital.

It will help strengthen the capital base, fund the growth and expansion of business and for working capital requirements.

YA Global Master is a fund managed by Yorkville Advisors out of New Jersey, United States.

Merlion Capital is a private investment company that focuses on business consultancy and own investment.

Mr Lee Loi Sing and Mr Yin Xiaodong are private investors with than 20 years investing experience.