Tiancheng Holdings (02110) announced that on September 5, 2023, the company plans to place up to 444.8 million shares, accounting for about 16.67% of the expanded company's issued share capital. The placement price of HK$0.027 per share was approximately 15.63% off from the closing price of HK$0.032 per share on September 5.
Assuming that all placed shares are fully placed, the total amount of proceeds from the placement will be approximately HK$12 million. Net proceeds are estimated to be approximately HK$11.6 million. The company intends to use all of the net proceeds from the placement transaction for the Group's general working capital.