The placement is priced at 10% off the last volume-weighted average price of 0.2 cents

Adventus Holdings has appointed SAC Capital to help raise $1.54 million by placing out up to 855 million shares at 0.18 cents each.

The proposed placement will not be underwritten and is priced at 10% off Adventus' volume-weighted average price of 0.2 cents on Dec 27, before trading of the shares were halted.

The quantum of shares to be placed will enlarge the company's share base by a quarter to more than 3.3 billion shares.

On Sept 26, Adventus announced an agreement for Intercontinental Hotels Group (Vietnam) to manage its hotel in Danang.

Adventus says it is an "opportune time" to raise funds via a placement to "allow the end-placees to participate in the future prospects and development of the group. 

"The proposed placement would also increase the financial resources available to the group who had historically relied on bank borrowings and shareholder loans.

Adventus says it will use proceeds from the placement to repay bank loans, working capital as well as property enhancement costs required by the hotel in Danang.