<article>Singapore based <a style="color: #000080;" href="http://www.blumontgroup.com/" target="_blank">Blumont Group</a>, which invests in diversified mineral and energy resources, said it is planning a rights cum warrants issue. It will raise about $27 million in net proceeds if the shares are fully subscribed.</article>

Singapore based <a style="color: #000080;" href="http://www.blumontgroup.com/" target="_blank">Blumont Group</a>, which invests in diversified mineral and energy resources, said it is planning a rights cum warrants issue. It will raise about $27 million in net proceeds if the shares are fully subscribed.
Blumont said 70 per cent of the net proceeds will be used to make partial repayment to its creditor Wintercrest Facility, while the rest will be used for working capital purposes.
The company said it was planning a renounceable non-underwritten rights issue of up to 2.7 billion  new shares at an issue price of S$0.01  for each rights share, and the same number of detachable warrants with each warrant, carrying the right to subscribe to one new share at an exercise price of S$0.012
The issue price is on par with the volume weighted average price of one share traded on the SGX-ST on 17 March 2015, and is also at par with the theoretical ex-rights price of S$0.010.
Shareholders will be entitled to subscribe to one rights share with one free detachable warrant for every share they own.
If fully subscribed, Blumont’s issued share capital will double to 5.4 billion shares, and again, if all warrants are exercised, it will have an issued share capital of 8.1 billion shares.
In a related development, Blumont said that with regard to its January 2014 takeover bid for <a href="http://www.genesisresourcesltd.com.au/" target="_blank">Genesis Resources Limited</a>, it had received from the Singapore Exchange Securities Trading Limited an in-principal approval for the listing and quotation on the SGX-ST of up to 1,209,128,707 new shares.
This implies, at the close of the Genesis takeover bid planned for 23 March 2015, if all shareholders of Genesis Resources Limited accept its offer, then these additional new shares could be created in its share capital.
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Blumont Group said it plans a rights rights cum warrants issue. It will raise about $27 million in net proceeds if the shares are fully subscribed.

Singapore's Blumont plans rights cum warrants issue

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