Asiamedic (SGX:505) agreed to issue 5 million new shares by radiologist Dr Sheah Ban Joo Kenneth for SG$76,500.

The shares will be issued at SG$0.0153 each, representing a 10% discount to AsiaMedic's Sept. 3 VWAP of SG$0.017.

The subscription shares will represent about 0.43% of the company's enlarged share capital upon completion.

Dr Sheah, who contributes to the Group's imaging and intervention services, will be subject to a 12-month moratorium on the shares.

AsiaMedic expects net proceeds of SG$67,300, with all proceeds earmarked for general working capital.