Oceanus raises $29.2 mil via proposed share placement at issue price of 2.3 cents apiece

Oceanus raises $29.2 mil via proposed share placement at issue price of 2.3 cents apiece

Oceanus Group has placed a total of 1.27 billion new ordinary shares in PY Opulence Investment Pte. Ltd, Golden Summit International Ltd and Alacrity Investment Group Limited (collectively known as the placees) via conditional placement agreements on March 22.

The placements were made at an issue price of 2.3 cents per placement share, representing a premium of 9.5% to the weighted average price of 2.1 cents per share on March 21. The total issue price stood at $29.2 million.

Oceanus had, on the same day, entered into a token subscription agreement with HydraX Digital Assets Pte. Ltd and Alacrity Investment Group Limited, where it had proposed to issue 4% convertible bonds in the form of digital tokens for a total principal amount of up to US$6 ($8.1 million).

The bonds will mature on March 22, 2026.

Alacrity became Oceanus’ largest shareholder following a $3.2 million married deal in June 2020. It is an investment arm of an Indonesian conglomerate that has interests across various industries including retail and logistics.

To date, Alacrity holds 3.55 billion shares in Oceanus, or 14.59% of its total paid-up share capital.

According to the SGX filing, the proposed share placement and proposed bonds issue will repay the placees the amount they lent Oceanus through various bridging loan facilities.

The loan facilities, which were made in November 2021 by Oceanus to fund its growth plans, total some $37.4 million. The placement of shares and bonds issue will replace the cash repayment.

To protect shareholders’ interests, a price floor has been imposed on the proposed bonds Issue in respect of its potential conversion to shares, representing a cap of 1.57% of enlarged share capital in the event of a conversion, reads the statement put out by Oceanus.

Upon the completion of the proposed share placement, Alacrity will hold 17.10% of the enlarged share capital in Oceanus.

Shares in Oceanus closed 0.1 cent higher or 5% up at 2.1 cents on March 22.

Read more here: https://www.theedgesingapore.com/news/company-news/oceanus-raises-292-mil-proposed-share-placement-issue-price-23-cents-apiece