Geo Energy raises $15m from 35 million share placement

About 35 million new ordinary shares were listed at $0.425 each.

Geo Energy has completed the share place of 35 million new ordinary shares, raising around S$15m, according to a press release.

Issue price was S$0.525 for each share, the company said.

Geo Energy will use the proceeds to strengthen its capital structure and strengthen its financial flexibility, the statement read.

“Our business strategy is executing as planned, with key projects and initiatives progressing on schedule,” said Charles Antonny Melati, executive chairman and CEO of Geo Energy.

“This progress, together with the additional capital from the share placement, enhances our financial flexibility to accelerate value creation within our business model,” Melati said.

KGI Securities (Singapore) acted as the placement agent.

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