mm2 Asia to raise up to $40m new placement shares at $0.017 each

V3 Group intends to buy $15m of the placement shares.

mm2 Asia plans to raise up to $30m through a share placement of 1,764,706,000 new shares at $0.017 per share, with an option to raise an additional $10m at the same price.

V3 Group intends to subscribe to at least $15m of the placement, translating to 18% equity interest in mm2 Asia.

The proposed placement is expected to be no later than 31 October and is subject to shareholders’ approval as well as the terms and conditions of the placement.

mm2 will seek shareholder approval for the share placement at an upcoming Extraordinary General Meeting (EGM).

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