Jasper Investments is seeking to raise $2.19 million through a proposed subscription of 811.1 million new ordinary shares at an issue price of 0.27 cents per share.

The company, on Feb 20, entered into a subscription agreement with Riau Capital Resources for the issue and allotment of 811.1 million shares in the capital of the company.

Riau Capital Resources is a private company limited by shares incorporated in Singapore. It is solely owned by Bambang Sugeng bin Kajairi.

The subscription is not underwritten and no placement agent will be appointed.

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Following the subscription, Riau Capital Resources will own a 15.7% stake in the enlarged capital in Jasper Investments.

The issue price represents a 10% to the volume weighted average price (VWAP) of 0.3 cents for shares in Jasper Investments on Feb 18 being the last full day of trade before the signing of the agreement.

The consideration of $2.19 million will be paid in two parts.

Riau Capital Resources will first pay a non-refundable deposit of $200,000 within three weeks from the date of the announcement. It will pay the remaining balance by two business days before the completion of the subscription.

Shares in Jasper Investments closed flat at 0.3 cents on Feb 19.