KUALA LUMPUR: Borneo Oil Bhd says its quoted investment, Verde Resources Inc (VRDR), has filed a registration statement with the US Securities and Exchange Commission for an underwritten public offering and has applied to list its common stock on the Nasdaq Stock Market.
As of its financial year ended June 30, Borneo Oil held a 13.45% stake in VRDR.
In a filing with Bursa Malaysia, Borneo Oil said VRDR, which is currently quoted on the OTCQB market, is seeking to raise gross proceeds in the US$5mil to US$8mil range.
The Nasdaq listing, if approved, will be effective upon and subject to the completion of the fundraising exercise.
VRDR intends to use the net proceeds from the offering to accelerate growth initiatives, including scaling the production and distribution of its BioAsphalt technology in North America, expanding its licensing model into new markets, and advancing research and development.