mm2 Asia seeks to raise $15m in a placement round

The company will issue 1,875,000,000 new ordinary shares.

mm2 Asia Ltd. aims to raise $15 million through a proposed placement of 1,875,000,000 shares at S$0.008 each.

The proposed placement price represents a premium of approximately 14.3% to the volume-weighted average price of $0.007 for trades done on the Singapore Exchange Securities Trading Limited on 4 July.

mm2 said the issuance of placement shares is part of the company’s ongoing efforts to strengthen its financial position and provide funding for the repayment of debts and outstanding liabilities.

The placement shares represent 28.7% of the existing issued and paid-up share capital and 22.3% of the enlarged issued and paid-up share capital of the company.