Geo Energy Resources Limited announced that it will receive SGD 35,000,000 in an equity round of funding from new investor Resource Invest AG on February 7, 2024. The investment includes purchasing SGD 13,431,300 of the company?s treasury shares in two equal tranches (expected to take place in February 2024 and February 2025) at the placement prices of SGD 0.45 per share and SGD 0.50 per share. The payment date of the transaction is March 31, 2026.

The company will also issue 41,402,727 non-listed, transferable, and free warrants. The warrants, to be subscribed in two tranches, are exercisable within 3 years from their respective dates of issue. Each warrant carries the right to subscribe for 1 new ordinary share in the company at an exercise price of SGD 0.55 per warrant share for the first tranche warrants and SGD 1 per warrant share for the second tranche warrants.