Extension On Timeframe For The Utilisation Of Proceeds Raised From The Private Placement Involving 176,666,600 New Ordinary Shares Of TDEX
BackSep 23, 2024
| Type | Announcement | |||||||||||||||||||||||||||||||||||
| Subject | OTHERS |
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| Description | TECHNODEX BHD. ("TDEX" OR "THE COMPANY") EXTENSION ON TIMEFRAME FOR THE UTILISATION OF PROCEEDS RAISED FROM THE PRIVATE PLACEMENT INVOLVING 176,666,600 NEW ORDINARY SHARES OF TDEX |
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Reference is made to the proposed utilisation of proceeds raised from the private placement of 176,666,600 new ordinary shares of TDEX (“Private Placement”), which were allocated for Information Technology contracts and/or orders, business expansion and expenses in relation to the Private Placement. The Company raised a total gross proceeds of RM5.875 million from the Private Placement (“Private Placement Proceeds”).
The Board of Directors of TDEX had on 19 November 2021 resolved to extend the timeframe for the utilisation of proceeds raised from the Private Placement amounting to RM1.5 million allocated for business expansion for another 36 months until 21 November 2024 (“Revised Timeframe”). To date, the Company has not fully utilised the Private Placement Proceeds. The Board of Directors of TDEX has resolved to extend the timeframe for the utilisation of proceeds for the business expansion for an additional 24 months, until 21 November 2026 ("Extension of Time" or “Extended Timeframe"). This Extension of Time will provide the Company with more time to deploy the remaining proceeds. Details of the Extension of Time are set out in the table below:
The Extension of Time is not subject to approval from any regulatory authorities or shareholders. The Board believes that this extension is in the best interest of the Company. Nonetheless, the Company will remain vigilant and prudent in managing the Private Placement Proceeds and will continue to disclose the status of the utilisation in the Company's quarterly results and annual report until the proceeds are fully utilised. This announcement is dated 23 September 2024. |
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Announcement Info
| Company Name | TECHNODEX BHD |
| Stock Name | TDEX |
| Date Announced | 23 Sep 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-23092024-00036 |