SINGAPORE (Mar 16): Cancer solution specialist Biolidics is raising $3.13 million from a share placement exercise mainly to expand the group’s businesses.

Under the terms of the share placement, the group will issue about 17.9 million new ordinary shares at 17.5 cents per share, which represents about 7.3% discount to its volume weighted average price of 18.9 cents per share as at the close of Mar 13.

Immediately after completion of the placement and assuming that no further shares are issued prior thereto, the group’s issued and paid-up share capital will increase to about 260.4 million shares, compared to 242.5 million shares currently.

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