GCCP Resources (SGX:41T) plans to raise SG$882,014 through the private placement of 176.4 million new shares at SG$0.005 each, according to a Wednesday filing on the Singapore Exchange.
The shares represent 13% of the company's current capital and will dilute existing holdings to 11.5% of the enlarged base.
The placement will see private investor Cheong Wei Kuan acquire the shares as part of a strategy to strengthen GCCP's financial position for expansion in the Middle East and Australia.
Proceeds will be allocated for overseas capital expenditure and working capital needs.
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