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Zixin Group plans rights-cum-warrants fund raising

If all warrants are exercised, another $26 million in gross proceeds will be raised

Zixin Group Holdings, which manufactures sweet potato-based foodstuffs, plans to raise net proceeds of just over $2.1 million from a rights issue.

The rights shares will also come with additional free warrants. If the warrants are fully exercised, the company expects gross proceeds of another $26 million.

The rights shares are priced at 1.65 cents each, and 1 rights share will be offered for each ten existing shares held.

Rights subscribers will receive four warrants for each rights share taken up. The warrants come with an exercise price of 4.5 cents.

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Up to a total of nearly 144.5 million new rights shares, and up to just over 577.9 million warrants will be issued.
 
The rights shares are priced at a discount of around 23.3% to the theoretical ex-rights price of 2.15 cents which is the last traded price of Zixin shares, on March 27.

This equity raising will not be underwritten.

With the new funding, Zixin wants to expand its processing and R&D capacity and also expand its network of suppliers, and to also fund joint ventures and partnerships.

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