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State Energy Group Seeks $1 Million in Private Placement; Shares Rally 41%

MT Newswires ·  05/20 15:32

03:29 AM EDT, 05/20/2022 (MT Newswires) -- State Energy Group International Assets Holdings (HKG:0918) is looking to raise HK$8.9 million ($1.1 million) in a private placement.

The sportswear products retailer is selling 38,252,510 new shares at HK$0.233 each, a discount of 13.7% to the last closing price of State Energy.

The placing shares represent 4.71% of the company's issued shares as enlarged by the deal, which will have GLAM Capital as the placing agent.

Proceeds will be used to fund potential acquisitions or investments, according to a late Thursday disclosure.

The stock surged almost 41% in Friday's late afternoon trade.

Price (HKD): $0.38, Change: $+0.11, Percent Change: +40.74%

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