CBL International Raises $848K Via Private Placement, Grants Options

CBL International Limited announced a private placement of 400,000 Class B ordinary shares to Berjaya Shipping Limited and Turcom International Limited for $848,000 in gross proceeds. The shares were sold at a discounted price of $2.12 per share. In conjunction with the placement, the company granted options to purchase up to 200,000 additional shares at $3.18 per share, potentially raising another $636,000. The net proceeds will be used for working capital and general corporate purposes. A 180-day lock-up period applies to the shares sold.