Advanced Systems Automation (SGX:WJ9) reallocated SG$98,000 from the SG$4.6 million net proceeds raised in a rights-cum-warrants issue to cover professional fees for its LSO acquisition, according to a Monday filing on the Singapore Exchange.
Initially earmarked for partial payment of the acquisition's cash consideration, the funds were redirected to meet obligations owed to ILAW and ZICO Capital.
The company has utilized SG$2.5 million, leaving SG$2.1 million for the acquisition and working capital.
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