CATALIST-LISTED Alpha Energy Holdings has proposed a S$21.1 million rights issue to continue funding its Mustang oilfield project in Alaska and pay off a Mustang-related loan, it said on Wednesday.
It will issue a total of 1.5 billion new shares, at two rights shares for every existing share and an issue price of S$0.014 per rights share. This represents a roughly 74 per cent discount to the weighted average price of S$0.054 per share on June 10, the last trading date of the shares prior to the day of the announcement.
They are LTB LLC, Augustus Trust, Neo Alaska Venture, Pinnacle Investment Holdings LLC, ATB LLC, Ang Yew Jin Eugene, JK Technology Pte Ltd, Sim Eng Kiang, CIMB Islamic Trustee Berhad and Kenneth Gerard Pereira. Mr Sim and Mr Pereira are taking up their entitlement of 3.8 million and 20,000 shares respectively, but will also take up any excess rights shares of up to 71 million and 50 million respectively.