V2Y (SGX:V2Y) entered into subscription agreements with Yin Junhua and Guo Junpeng for the placement of 82,000,000 subscription shares at a consideration of SG$451,000, according to a filing with the Singapore Exchange on Tuesday.
The issue price of each share is SG$0.0055, which is a 9.8% discount to the volume weighted average price of SG$0.0061 per share based on trading done on April 11.
Following the completion of the placement, the company's issued share capital will increase to 530,480,502 shares.
Funds raised from the proposed placement will be used for general working capital purposes, along with repayment of existing borrowings.
Junhua and Junpeng are businesspersons employed in the human resource sector and the wholesale import and export industry, respectively.
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