5E Resources Reports IPO Proceeds Utilization

5E Resources Limited (SG:NLC) has released an update.

5E Resources Limited, which launched its initial public offering (IPO) on May 12, 2022, has provided an update on the expenditure of the S$8 million net proceeds. The company has used approximately S$3.985 million for capital investments in a new Malaysian plant and machinery to boost production efficiency and has fully allocated S$741,000 for general working capital purposes. This leaves a balance of S$3.291 million yet to be utilized.

For further insights into SG:NLC stock, check out TipRanks’ Stock Analysis page.