02:30 AM EDT, 08/01/2022 (MT Newswires) -- Vobile Group (HKG:3738) is poised to boost its working capital through a bond issuance to a new investor, according to a Monday disclosure.
Lucion International, a unit of asset manager Shandong Lucion Investment Holdings Group, agreed to subscribe to convertible bonds in the company in the principal amount of HK$117 million ($15 million) with a coupon rate of 4%.
The hybrid securities will mature in 2025 and are convertible into 21.9 million shares of Vobile based on the initial conversion price of HK$5.32 per share. Shandong Lucion will gain a 1.03% stake in Vobile when it fully converts the bonds into shares.
Aside from working capital, the software provider will also use the deal proceeds for investments.
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