Mirach Energy to resume trading after S$5.6m share placement

SINGAPORE - Mirach Energy will resume trading on the Singapore Exchange on Friday (March 23).

This follows its announcement on Thursday of a S$5.6 million stock placement, in which Mirach will issue 56 million new shares at S$0.10 apiece. The placement price represents a premium of about 9.89 per cent to the volume weighted average price of S$0.091 for trades done on SGX on Tuesday.

The oil and gas exploration and production company said that it will use the funds raised from the placement to "substantially settle" a remaining investment sum amounting to RM19 million (S$6.4 million).