Advanced Systems Automation (SGX:WJ9) has secured commitments from key shareholders to subscribe to its upcoming rights cum warrants issue, according to a Wednesday filing on the Singapore Exchange.
The undertaking shareholders, holding 41.91% of the company's shares, will subscribe for 324.6 million rights shares and 198.8 million excess rights shares with warrants, the filing said. This aims to generate about SG$500,000 in cash under a minimum subscription scenario.
The company may issue up to 523.4 million rights shares and 348.9 million warrants, potentially increasing paid-up share capital to nearly 1.2 billion shares.
Proceeds are expected to range from SG$2.3 million to SG$5.2 million, primarily for vendor payments related to an acquisition and settling existing debts.
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