Poised for growth: Libra to issue 15 million new shares

At $0.20 per share.

The stars seem to be aligned for Libra, as it is on a strong growth path, steadily transforming into an integrated building and constructions solutions provider.

Libra announced today that it intends to issue a total of up to 15 million new ordinary shares (the at S$0.20 per Share.

According to the company's press release, the issue price of S$0.20 per Placement Share represents a discount of approximately 3.85% to the volume weighted average price of S$0.208 for each ordinary share of the Company, based on trades done on the Shares on the Catalist of the Singapore Exchange Securities Trading Limited on 24 September 2014.

Libra believes that with additional funds, Libra will be in a better position financially to embark on our growth plans and to seize good business opportunities as and when such opportunities surface. Pursuant to the allotment and issuance of the Placement Shares, the Company’s issued and paid-up share capital will increase from 99,724,000 Shares, as at the date of this announcement, to 114,724,000 Shares.

Here’s more from Libra:

OCBC Securities Private Limited has been appointed the placement agent and will procure subscribers for the Placement on a best endeavor basis. The Placement is subject to the fulfilment of certain conditions, including approval from the SGX-ST. The Placement will not be underwritten by the placement agent.

The Group intends to use the estimated net proceeds from the Placement of S$2.8 million to finance the Group’s business expansion, to augment the general working capital of the Group and for potential investments and acquisitions.