Placement of New Shares to Fund Working Capital
Sydney, Sep 29, 2023 AEST (ABN Newswire) - Crigen Resources Limited (NSX:CRG) is today commencing an initiative to place approximately 45,000,000 new shares (Placement Shares) in the Company at $0.10 to raise approximately $450,000 from Sophisticated investors.
The proceeds will be dedicated to working capital to further expand the Company's Danai Wellness business of spas an to investigate other complementary growth opportunities in adjacent areas.
The Placement Shares are expected to be progressively issued over the next month.
About Crigen Resources Limited
Danai Wellness, formerly Danai Spa, is the primary trading vehicle of Crigen Resources Berhad, and is principally engaged in the provision of a wide range of services in the spa and wellness industry. Since its inception in 2004, Danai Wellness has expanded its brand to include wellness services such as Danai Divine Advanced Aesthetics, Danai Zenflow, Danai Medi-Wellness, and La’Gent. As a result of this effort, Danai Wellness has been recognised by TripAdvisor as a Top 3 SPA Wellness Centre in Malaysia for 3 years in a row. The Company intends to acquire medium sized medical and day wellness centres in Australia under a licence agreement with the aim to rebrand these outlets under the Danai Wellness brand thereby introducing the Malaysian brand into the Australian market. The vision is to provide a unified brand which will aid in making the licensee's wellness centres more profitable and user friendly than their industry competitors. The Company will also look to introduce their unique business model combining high margin aesthetics treatments with subscription plans thus allowing members a right to use spa and wellness treatment services at a discounted rate for a fixed period.