BRC Asia has entered into a placement agreement with CGS-CIMB Securities in a bid to raise $14.2 million.

Under the terms of the agreement, BRC Asia will issue up to 10 million new ordinary shares in the capital of the company at an issue price of $1.42.

The placement is not underwritten and will be undertaken by way of an exempt offering in Singapore in accordance with sections 274 (institutional investors) and 275 (accredited investors and certain other persons) of the Securities and Futures Act.

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