mDR (SGX:Y3D) proposed a renounceable non-underwritten rights cum warrants issue of up to 1,160,147,026 shares at SG$0.03 per share with up to 5,800,735,130 free detachable listed warrants, according to a late Monday filing with the Singapore Exchange.
The rights cum warrants issue will be made on the basis of four rights share for every three shares held by the shareholders, with five warrants for every one rights share subscribed.
The company sees the rights cum warrants issue as an opportunity to strengthen its balance sheet, with estimated proceeds of SG$15.6 million to be used for general corporate purposes, repayment of debts and to make investments and acquisitions.
Shares of the company surged nearly 44% in early morning trading.
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