Amax International raises funds through share placing, subscription

Amax International, which holds almost 30 percent of the Greek Mythology Casino in Macau, said it’s raising funds through the sale of shares to raise cash for working capital and further investments.
A shareholder with 17 percent of the company has agreed to sell 6.4 million shares through a placing agent to at least six third-party investors at a price of $1.2 ($0.15), a discount of about 19 percent to the stock’s closing price on Friday. The shares represent about 2.8 percent of the existing share capital.
The subscriber will then buy 6.4 million subscription shares from the company at the same price to raise net proceeds of $7.56 million. The exercise is also designed to widen the company’s shareholding base.