ISOTeam targets $10m funding raise through share placement

The group is placing 86.2 million new ordinary shares.

ISOTeam Ltd announced a $10m funding raise via share with convertible bond placements to support its drone initiatives as part of the group’s digital transformation strategy.

ISOTeam is placing approximately 86.2 million new ordinary shares in the capital of the company at a placement price of 8.1 Singapore cents per share that will raise proceeds of approximately $7m. The group is also placing a proposed convertible bond placement through the allotment and issue of 32.9 million conversion shares convertible at approximately 9.1 Singapore cents per share, which will raise an aggregate principal amount of $3.0m

SAC Capital Private Limited has been appointed the agent for the share placement, while SooChow Singapore Capital Markets (Asia) Pte. Ltd. has been appointed the agent for the Convertible Bond Placement. Maybank Securities Pte. Ltd. has been named as a sub-placement agent for the Proposed Placements.

The proposed placement is expected to be completed no later than eight weeks from the announcement.

ISOTeam is a firm that specialises in building maintenance and estate upgrading, with a focus on eco-friendly solutions and green procurement.