Sino-Grandness: Proposed private placement of 20m new shares at $0.35/sh, 6.8% discount to weighted average share price on 4th Oct. New shares represent 8.2% of existing share base. NAV/sh to rise marginally to RMB 1.29 (S$0.26), while EPS to drop to RMB 0.153 (S 3.06C) from RMB 0.166 (S 3.3C)…..
Net proceeds of $6.7m to be used $2m for initial construction costs for new plant in Hubei Province previously announced, $4.7m for working capital as part of business expansion.
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