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Singapore Institute of Advanced Medicine Utilizes SG$5.5 Million from Rights Issue; Shares Down 3%

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Singapore Institute of Advanced Medicine Holdings (SGX:9G2) has used around SG$5.5 million of the net proceeds raised from the issue of rights shares, as general working capital and for the repayment of a loan from a shareholder.

This is part of the funds raised from a rights cum warrants issue of SG$14.9 million, according to a filing to the Singapore stock exchange on Thursday.

Following these allocations, the company holds a remaining balance of SG$5.1 million for ongoing working capital needs. Additionally, the company has earmarked SG$3.8 million for critical system maintenance and software upgrades, along with SG$500,000 for system revamps and other capital expenditures.

The company's shares were down over 3% in Friday's trade.

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