Baker Technology, the manufacturer and provider of specialised marine offshore equipment and services for the oil and gas industry, plans to undertake a renounceable non-underwritten rights issue of up to 327,749,909 warrants at an issue price of 1 cent for each warrant.

Each warrant will carry the right to subscribe for one share at 32 cents.

The warrants issue will be made on the basis of one warrant for every two existing shares held by shareholders.

If all the warrants are subscribed, the estimated net proceeds from the subscription of the warrants Issue is $3.08 million after deducting professional fees as well as related expenses amounting to $0.20 million. The estimated gross proceeds from the exercise of such warrants will amount to $104.88 million.

Baker Technology plans to use the net proceeds from the subscription of the warrants issue for general working capital purposes.