Hoe Leong Corporation Ltd.
(Incorporated in the Republic of Singapore)
(Company Registration Number 199408433W)
USE OF PROCEEDS FROM ISSUANCE OF CONVERTIBLE LOAN NOTE
The Board of Directors (the "Board") of Hoe Leong Corporation Ltd. (the "Company" and together with its subsidiaries, the "Group") refers to the Company's Circular to Shareholders dated 1 June 2021 (the "Circular") and announcement dated 23 June 2021 in relation to the the issuance of Convertible Loan Note to the Investor (the "Completion Announcement").
Unless otherwise defined, capitalised terms used herein shall have the meanings as ascribed in the Circular and the Completion Announcement.
The Board wishes to update on the use of proceeds from issuance of Convertible Loan Note of S$3 million as follows:
Amount | Amount used up to | Amount unused as | |
the date of this | at the date of this | ||
Use of proceeds (As set out in the Circular) | allocated | ||
announcement | announcement | ||
S$'000 | |||
S$'000 | S$'000 | ||
General working capital (and any | 3,000 | (744) | 2,256 |
potential investments in plant and | |||
equipment for expansion and | |||
enhancement of operational capacity) |
A breakdown of the use of proceeds for general working capital purposes is as follows:
S$'000 | |
Purchases from suppliers and subcontractors | 325 |
Rental expenses | 135 |
Legal and professional fees | 114 |
Payroll costs | 142 |
Other expenses | 28 |
Total | 744 |
The use of proceeds from issuance of Convertible Loan Note is in accordance with the intended use as disclosed in the Circular. The Company will make periodic announcements as and when the unused proceeds are materially disbursed.
By Order of the Board
Liew Yoke Pheng Joseph
Executive Chairman and CEO
13 July 2021
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Hoe Leong Corporation Ltd. published this content on 13 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2021 11:20:01 UTC.