Wilton completes private placement

By Romel S. Gurky

SGX-listed Wilton Resources Corporation Limited said it completed on Monday a private placement, raising net proceeds of S$2.95 million.

The company said in a statement that 50 million of new ordinary shares were issued, increasing the total number of issued shares of the company from 2.24 billion to 2.29 billion.

As has been previously reported, the company on November 11 entered into a placement agreement with Seah Cheong Leng and Ng Suk Sian, whereby the placees have agreed to jointly subscribe for an aggregate of 50,000,000 new ordinary shares in the capital of the company at an issue price of S$0.06 per placement share.

Wilton said it intends to utilize the entire net proceeds to fund the ongoing development of the group?s Ciemas Gold Project, in Indonesia?s West Java Province.

Editing by Reiner Simanjuntak