Loyz Energy to raise $16m from 2 share placements

Loyz Energy said it is seeking to raise net proceeds of around $16 million from two share placements.

It plans to place 20.2 million new shares with institutional and other investors, and another 19 million new ordinary shares with a group of private investors, all at 42 cents a share.

This is a 8.09% discount to the volume weighted average price of $0.457 of the company's shares on Oct 16, before it called for a halt in trading.

When completed, the placement and the additional placement will increase Loyz's ordinary share capital to S$43 million, up from its current S$26.5 million.