Cordlife Group aims to raise $8.04m in private placement

It issued 51.2 million new shares at $0.16 apiece.

Cordlife Group Limited plans to raise $8.04m by issuing 51.2 million new ordinary shares at $0.16 a piece through a private placement.

In a bourse filing, Cordlife said it will issue 44.5 million shares to Charming Global Enterprises Limited and the remaining 6.7 million shares to Darren Ng Junwei.

Cordlife said the issue price of $0.16 represents a “4.9% premium to the two-week volume weighted average price of $0.1525 per share for trades done on the SGX-ST on 15 April 2024.”

The company will allocate 50.3% of the net proceeds from the private placement, or $4.04m, as a cash reserve contingency.

Cordlife will use the remaining $4m (49.7%) proceeds as working capital and to rebuild its Singapore brand.