Digiland

Digiland: has substantially scaled down a proposed share placement to a max of 2.05b shares, from an original proposal to issue of up to 5.8b new shares, because of the cap by the general share issue mandate. The issue price will remain at 0.1¢. This means that the net proceeds will fall to just under $2m from $5.78m, though the money will still be used for working capital. Under the revised subscription terms, Smartful will take up a max of 846m shares, instead of 3.3 b under the original agreement. Mr Lee will subscribe to a max of 700m, instead of 2 b, while Ms Chia will subscribe to an unchanged maximum of 500m shares. Smartful was previously the company's substantial shareholder, while Mr Lee and Ms Chia are private investors.