mm2 Asia (SGX:1B0) received an approval in-principle from the SGX for the listing and quotation of up to 2,352,942,000 placement shares, according to a filing with the Singapore Exchange on Thursday.

In an earlier filing, the company had agreed to place up to 1,764,706,000 shares at a placement price of SG$0.017 per share, which was later upsized to an additional 588,236,000 shares, taking the aggregate proceeds to SG$40.0 million.

Proceeds raised from the placement will be utilized for general working capital purposes and for repayment of debts.