China EnvRes discounts 2.5% to issue up to 64.1 million new shares, raising HKD 30 million
China EnvRes announced a placement agreement with the placement agent to place up to 64.1 million new shares at HKD 0.468 per share, raising a maximum of HKD 30 million. The price per share represents a discount of approximately 2.5% compared to yesterday's closing price of HKD 0.48. The new shares will account for approximately 11.59% of the enlarged share capital, and the proceeds will be used to repay loans, develop recycling and motorcycle parts businesses, settle outstanding accounts payable, and for general working capital
According to a report from Economic Information Daily on the 5th, China EnvRes (01130) announced that it has entered into a placement agreement with the placement agent to place up to 64.1 million new shares at a price of HKD 0.468 per share, raising a maximum of HKD 30 million. The group indicated that the price per share represents a discount of approximately 2.5% compared to yesterday's closing price of HKD 0.48. The new shares will account for approximately 11.59% of the enlarged share capital and will be placed to no fewer than 6 independent subscribers. It is planned that approximately 34.01% of the net proceeds from the placement will be used to repay loans, approximately 34% for the development of recycling and motorcycle parts business, approximately 17.01% for settling unpaid accounts payable and other payables, and approximately 14.97% for general working capital. (wh)
