Rex International to raise $7.6m at $0.143 per share

The group issues 40.1m new shares at an 8.9% discount to Nursery Road-advised funds.

Rex International Holding Limited will raise $7.6m through a placement of approximately 40.1 million new shares and 13.19 million treasury shares at an issue price of $0.143 per placement share, according to a bourse filing on 27 January.

The price is 8.9% lower than the average share price of $0.157 for the Company’s shares traded on the SGX Mainboard on 26 January.

The placements were agreed with Eagle Harbor Multi-Strategy Master Fund and BB Special Opportunities Fund, both advised by Nursery Road Capital Management.

The company plans to issue 23,381,709 new shares and transfer 7,692,417 treasury shares to Eagle Harbor through a private placement at $0.143 per share, raising $4,443,600.

Meanwhile, 16,701,221 new shares and 5,494,583 treasury shares will be issued to BB at the same placement price, raising $3,174,000.

Further to the placement, the Rex has agreed to issue 31,074,126 warrants to Eagle Harbor and 22,195,804 warrants to BB, on a one-for-one basis with the placement shares, with each warrant carrying the right to subscribe for one new share at an exercise price of $0.177.

The placement shares represent 4.09% of Rex’s existing issued share capital and approximately 3.93% of the enlarged share capital after completion.

If all warrants are exercised, the placement shares and warrant shares together would account for approximately 7.56% of the enlarged share capital.

Net proceeds from the placement, estimated at $7.3m after expenses, will be used for general corporate purposes.

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