OnionTech: Announced a proposed placement of 156m new shares with 78m free attachmed warrants. Grp further announced a proposed disposal of up to 60% of total issued and paid up shares of OnionTech Korea (approx. $5.4m)
On top of this, grp has also proposed renounceable non-underwritten rights of up 170.6m new shares, at an issue price of $0.01 for each rights shares, with up to 85.3m free detachable warrants, as each rights warrant carrying right to subscribe for 1 new shares, on basis of 6 rights shares with 3 free detachable right warrants for every 10 shares. Proceeds raised could be used for a proposed exploration of a new business venture.
We note that as of now, the details of the overall deal still appears sketchy, and seems pretty complicated, but highlight that counter is a very illiquid counter, with only 1 trade done over the last mth. Co. has a mkt cap of aprrox. $8.5m based on last traded price.
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