June 24 (Reuters) - VIP Gloves Ltd VIP.AX :
* TWO NEW NITRILE GLOVE PRODUCTION LINES WILL INCREASE ANNUAL GLOVE PRODUCTION BY ABOUT 40% TO 620 MILLION PIECES
* PROPOSING TO INSTALL UP TO FOUR ADDITIONAL NEW GLOVE PRODUCTION LINES OVER NEXT 18 MONTHS
* EXPANSION OF FOUR NEW LINES WOULD INCREASE PRODUCTION CAPACITY BY UP TO 60%
* OUTSTANDING ENGINEERING WORKS ON NITRILE GLOVE PRODUCTION LINES IN MALAYSIA COMPLETED
* TOTAL EXPENDITURE FOR LINE EXPANSION ANTICIPATED TO BE A$6.5 MILLION
* TO RAISE A$2.3 MILLION TO PARTLY FINANCE CAPITAL EXPENDITURE FOR INITIAL TWO NEW GLOVES PRODUCTION LINES
* ORDINARY SHARES FOR RAISING ISSUED AT $0.03 PER SHARE
* ADOPTED EQUITY INCENTIVE PLAN WITH ISSUANCE OF TOTAL OF 38 MILLION OPTIONS AND 80 MILLION PERFORMANCE RIGHTS