TL NATURAL GAS (08536) announced that on October 31, 2023, the company plans to place a maximum of 35.451,000 placed shares, which is equivalent to about 16.67% of the company's issued share capital after the expansion of the placement. The placement price was HK$0.45 per placed share, a reduction of approximately 18.18% from the closing price of HK$0.55 per share on October 31.
The maximum amount of proceeds from the placement event will be HK$15.953,000. The maximum net proceeds from the placement will be approximately HK$15 million. The net proceeds from the placement will be used to invest in renewable energy-related businesses, including related facilities and equipment, and the Group's general working capital.