Aussino

Aussino: Proposed issue of 2-year convertible senior notes of up to US$30m with Crede CG III. The notes will bear 3% interest per annum, and the conversion into new ordinary shares will be at a 35% discount to the share price. The proceeds from the notes will be used mainly for expansion and acquisition of new businesses (67%), while the remaining will be allocated for working capital purposes. Crede is a leading international investment firm and a provider of innovative financial solutions. Headquartered in Los Angeles, and with offices in New York and Beijing, Crede has invested in more than 60 companies, providing both growth capital as well as business assistance that has been instrumental in many of these companies developing their business plans, technologies, and financial market sponsorship. Aussino will resume trading at 1pm. Do note that the issuance of convertible senior notes is subjected to several conditions, which include the following: i) Shares remain listed ii) Aussino attaining its approval from SGX to seek an exit from the Watch-List These conditions has to be satisfied in the upcoming three months.