GSS Energy raising funds through placement to finance drilling in West Jambi

By Romel S. Gurky

SGX-listed GSS Energy Limited announced on Monday that on Dec. 21, 2015 it entered into a placement agreement with Religare Capital Markets (Singapore) Pte. Limited and RHB Securities Singapore Pte Ltd, pursuant to which GSS shall issue up to 102,540,000 new ordinary at an issue price of not less than S$0.079 per placement share.

The placement shares amount to an aggregate amount of up to S$8,100,660 , assuming 102,540,000 placement shares are issued at the minimum placement price of S$0.079 per placement share.

The Company is undertaking the placement primarily to fund its oil drilling services operations in West Jambi, Sumatra, and expansion of its other oil drilling operations in Indonesia. The net proceeds from the placement after deducting estimated expenses (including commission and/or brokerage fee payable to the Joint Placement Agents of approximately S$40,000 and professional fees, listing fees and other expenses of S$40,000) will be approximately S$8.0 million.

Editing by Johannes Simbolon