SINGAPORE (June 19): Envictus International is undertaking a renounceable non-underwritten rights cum warrants issue to raise up to S$18.17 million from the sale of rights shares to strengthen the financial position and capital base of the company and its subsidiaries.

Envictus will issue up to 113.5 million new shares at S$0.16 each and up to 113.5 million warrants. Shareholders can subscribe to four rights shares for every five shares held and will be given one free warrant for every one rights share subscribed. Each warrant will carry the rights to subscribe to one new Envictus share at S$0.16 each too.

The issue price of S$0.16 per rights share and exercise price of S$0.16 per warrant share is a discount of 56.76% to the last traded price of S$0.37 for shares traded on the SGX on June 14, which is the full market day immediately preceding the announcement... (Click here to read the full story)