Formis Resources Bhd (FRB) is proposing to issue 92,950,099 Free Warrants on the basis of one free warrant for every two shares held by entitled shareholders of the company.
The issue date is to be determined and announced later, Formis said in its filing to Bursa.
The exercise price of the Free Warrants has been fixed by the board at RM1.10 each, representing a premium of approximately 8.91 per cent to the 5-day volume weighted average market price (VWAP) of FRB Shares of RM1.01 up to and including Jan 21, 2011.
Formis said the Free Warrants issue is subject to approval from the stock exchange, company shareholders as well as Bank Negara Malaysia for the issuance of warrants to non-resident shareholders of the company.
The proceeds from the exercise will be utilised for repayment of borrowings and/or to fund the future capital expenditure and/or working capital requirements of the FRB Group. -- Bernama
The issue date is to be determined and announced later, Formis said in its filing to Bursa.
The exercise price of the Free Warrants has been fixed by the board at RM1.10 each, representing a premium of approximately 8.91 per cent to the 5-day volume weighted average market price (VWAP) of FRB Shares of RM1.01 up to and including Jan 21, 2011.
Formis said the Free Warrants issue is subject to approval from the stock exchange, company shareholders as well as Bank Negara Malaysia for the issuance of warrants to non-resident shareholders of the company.
The proceeds from the exercise will be utilised for repayment of borrowings and/or to fund the future capital expenditure and/or working capital requirements of the FRB Group. -- Bernama
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