ASTI Holdings completes $3.2m share placement

The new ordinary shares stood at $0.025 per share.

ASTI Holdings Limited (ASTI) announced the completion of its placement exercise involving 128,000,000 new ordinary shares in its capital has raised gross proceeds of $3.2m.

The new ordinary shares stood at $0.025 per share, ASTI said in a bourse filing.

Of the net proceeds from the placement, it will be allocate 60% for business expansion initiatives, 30% for research and development projects, and 10% for working capital purposes.

The placement shares represented approximately 19.55% of the company's existing issued and paid-up share capital of 654,731,486 shares (excluding 27,234,855 treasury shares).

It also represented approximately 16.35% of the enlarged issued share capital of 782,731,486 shares (excluding treasury shares).

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