Gaming company Leisure & Resorts World Corp. said Friday it expects to raise up to P1.17 billion through a private placement.
LRWC said in a disclosure to the stock exchange its board of directors approved the issuance of 691.2 million common shares to three entities. It plans to sell the shares at P1.70 apiece or 5 percent above the 30-day volume-weighted average price prior to the stockholders’ meeting in November.
Under the plan, LRWC will issue 330.6 million shares each to Clearspring Holdings Corp. and Belvedere Skies Asset Holding Opc. and another 30 million shares to Tucket Holdings Inc.
LRWC’s board of directors also approved to increase the company’s authorized capital stock to P7 billion from P5 billion to support operations and possible expansion projects. It also agreed to change the company’s corporate name to DigiPlus Interactive Corp. as it plans to focus on innovative technological platforms.