SINGAPORE (Apr 11): IPCO International’s new board and management is accusing their predecessors for not using proceeds from an earlier placement in accordance to what has been approved by SGX.

Back in Sept 2017, some $1.584 million was raised via the placement of 880 million new shares at 0.18 cent each to James Moffatt Blythman. With that investment, the 34-year-old Australian became IPCO’s single largest shareholder with a stake of around 14%.

According to the company at that time, half of the proceeds was to be used for the purchase of equipment and development of land in Seattle through a subsidiary called Capri Investments. The remaining half was to be used for working capital.

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