GEAR obtains in-principle approval from SGX for proposed placement

By Romel S. Gurky

SGX-listed Golden Energy and Resources Limited (GEAR) said that it has received on Tuesday in-principle approval from the SGX for a proposed placement.

As has been previously reported, GEAR plans to launch private placement by issuing up to 181,000,000 new shares at an issue price of S$0.67 per share for the purpose of meeting the shareholding spread and distribution requirements (placement shares). The company also intends to allot and issue new shares to Deloitte & Touche Financial Advisory Services Pte Ltd in full satisfaction of the professional fees owing to Deloitte in the amount of S$1,326,800 by way of a private placement of 1,980,298 shares at an issue price of S$0.67 per share.

GEAR said a statement Tuesday that the SGX-ST?s approval in-principle for the listing and quotation of the Placement Shares and the Deloitte Shares was granted subject to the following conditions:
(a) compliance with the SGX-ST?s listing requirements;
(b) submission of a written undertaking from the Company that:
(i) it will comply with Rules 704(30) and 1207(20) of the Listing Manual in relation to the use of proceeds from the Proposed Placement and where proceeds are to be used for working capital purposes, it will disclose a breakdown with specific details on the use of proceeds for working capital in its announcements on the use of proceeds and in its annual report; and
(ii) it will comply with Rule 803 of the Listing Manual; and
(c) submission of a written confirmation from the Company that the Placement Shares and the Deloitte Shares will not be issued to persons prohibited under Rule 812(1) of the SGX-ST Listing Manual.

The company expects that the placement shares and the Deloitte shares will be listed on the Mainboard of the SGX-ST and that all the shares in the company will resume trading on or around December 12, 2016.

Editing by Reiner Simanjuntak