SINGAPORE (Oct 3): Y Ventures Group has appointed Evolve Capital Asia as a financial advisor to conduct a strategic review of the company.

The strategic review will includes Y Ventures’ current investments, mergers and acquisitions, and joint ventures.

In a bourse filing on Thursday, the Catalist-listed e-commerce retailer says there is no assurance that any transaction will materialise from the strategic review.

Y Ventures earlier last week on Sept 23 said it is seeking to raise $2.0 million in a proposed placement of 24.7 million new shares at 8.12 cents each.

The group added that it had entered into subscription agreements with nine investors for the allotment and issue of the new shares.

The placement price represents a discount of 9.98% to the volume weighted average price of 9.02 cents for all trades in the counter on Sept 17 – the full market day immediately preceding the date of signing of the subscription agreements.

The group said some $1 million of the net proceeds of the proposed placement will be used for expansion of its business through potential mergers and acquisitions, joint ventures, strategic collaborations and investments.

The remaining $976,892 will be used to fund the general working capital requirements of the group, it added.

See: Y Ventures to raise $2 mil from proposed placement; 24.7 mil new shares to be issued at 8.12 cents each

Shares in Y Ventures closed flat at 11.3 cents on Wednesday.