Summary by Moomoo AI
After the trading period on 17 April 2024, Hung Shing Cheong Resources Group Limited (the “Company”) entered into a distribution agreement with Matrix Securities Limited, conditionally agreeing to sell a maximum of 28,800,000 new shares to an independent third party through a distribution agent at a price of HK$0.56 per share. This allocation represents an approximate 20% discount of HK$0.70 per share from the listed market price of the company's shares on the exchange. Assuming that all the shares sold are distributed, the total amount raised is expected to be approximately HK$16,128,000, net of approximately HK$15,488,000 after deducting related expenses. The Company plans to use the net proceeds to repay bank and other borrowings, to settle external debts and as general operating capital...Show More