WE Holdings to issue warrants to fund expansion into Philippine commodity markets
Up to 4.2b warrants will be issued for $0.001 each.
Mainboard-listed WE Holdings will issue up to 4.2 billion warrants for $0.001 each in order to fund its expansion into Philippine commodity market.
Each warrant will carry the right to subscribe for one new ordinary share at an exercise price of $0.003 for each unit.
WE Holdings has entered into a conditional sale and purchase agreement to acquire the entire issued capital of Maritrans Recycler,, an integrated environmental service provider incorporated in the Philippines.
The deal was closed for a purchase consideration of no less than US$ 2 million subject to the net tangible assets of Maritrans Recycler as at 31 March 2015, being the completion date of the proposed acquisition.