Autagco Ltd. Announces Strategic Share Subscription to Boost Growth

Autagco Ltd., formerly known as LifeBrandz Ltd., has announced a significant share subscription agreement intending to issue up to 166,666,661 new ordinary shares at a subscription price of S\$0.003 per share. This move is aimed at raising S\$500,000 to enhance the company’s financial strength and support future business prospects.

Key Highlights of the Proposed Subscription

• The share issue is set at a premium of 20% over the last traded price, reflecting a strong investor demand and confidence in the company’s future.
• The proposed subscription aims to strengthen the company’s financial position, improve cash flow, and support general working capital and business expansion.
• The net proceeds, estimated at S\$472,000 after deducting expenses, will be allocated towards business expansion (63.6%) and general working capital (36.4%).

Details Shareholders Need to Know

Autagco Ltd. has ensured that the issuance of new shares will not transfer controlling interest or violate existing shareholder regulations. With no moratorium on the new shares, they will be freely transferable, offering flexibility to both existing and new investors.

Upon completion, the total number of issued shares will increase from 2,440,340,492 to 2,607,007,153, with the new shares representing approximately 6.39% of the enlarged share capital. This expansion is within the limits authorized by the General Mandate obtained in November 2023.

Potential Impacts on Shareholders and Market

The strategic share subscription is expected to bolster investor confidence, potentially influencing the company’s share price positively. The company’s proactive approach towards securing financial stability and pursuing growth opportunities aligns with long-term strategic goals, offering a compelling investment case.

Conditions and Completion Timeline

Completion of the subscription is contingent upon regulatory approvals and the fulfilment of other conditions outlined in the subscription agreements. The company anticipates receiving the necessary approvals promptly, with completion expected within three business days following the conditions’ fulfilment.

Disclaimer

The information in this article is based on announcements by Autagco Ltd. and is intended for informational purposes only. Investors are advised to perform their due diligence and consult financial advisors before making investment decisions.