Zixin Group (SGX:42W) proposed issuing up to 402.1 million bonus warrants, based on two warrants for every 10 existing shares, according to a Tuesday bourse filing.
Each warrant is exercisable into one new share at SG$0.036. The warrants will be issued free to eligible shareholders.
If all warrants are exercised, Zixin expects gross proceeds of about SG$14.5 million and net proceeds of about SG$14.4 million.
The proceeds will be used for growth and expansion in China's stockfeed business, for overseas expansion excluding China and for general working capital.
The warrants will be exercisable from six months after their listing and will expire 36 months after listing, subject to the final terms. The proposed issue is subject to SGX approval for the listing and quotation of the warrants and new shares.