Rex International (SGX:5WH) agreed to allot and issue around 40.1 million shares in the company's capital and placement of around 13.2 million existing shares to two funds advised by Nursery Road Capital Management, according to a Tuesday filing with the Singapore Exchange.

The company agreed to issue 23.4 million new shares and transfer 7.7 million treasury shares to Eagle Harbor through a private placement at SG$0.143 per placement share to raise around SG$4.4 million.

Meanwhile, the company agreed to issue 16.7 million new shares and transfer 5.5 million treasury shares through a private placement to BB Special Opportunities Fund at SG$0.143 per share, to raise around SG$3.2 million.

Concurrently, the company also agreed to issue Eagle Harbor and BB Special Opportunities Fund 31.1 million and 22.2 million warrants respectively on the basis of one warrant for each placement share, with each warrant carrying the right to subscribe for one warrant share at an exercise price of SG$0.177.

The new shares, warrants and warrant shares will be allotted and issued following shareholder approval at the company's annual general meeting scheduled for April 25.

The company will provide information of the utilization of net proceeds when funds are materially disbursed, the filing added.