Cultural Messenger (00343) announced that with regard to the proposed placing of up to HK $100m convertible bonds, as the terms of the placing agreement were not reached on 24 July 2023, the Company entered into a termination agreement with the placing Agent on 24 July 2023, the placing Agreement will be terminated and will no longer have any effect or effect from 24 July 2023. All rights, obligations and obligations of the Company and the placing Agent in respect of the placing will cease and terminate, and all their respective obligations under the placing Agreement will be discharged, and no party shall make any claim against the other party for costs, damages, compensation or other expenses incurred under the placing Agreement except for any previous breach of any obligations under the placing Agreement.
The Directors are of the view that the termination of the placing Agreement does not have a material adverse impact on the Group's existing business operations and financial position. The company is discussing other equity fund-raising options with the placing agent.