TOPSTANDARDCORP (08510) issued an announcement on November 2, 2023 (trading...
According to the Zhitong Finance App, TOPSTANDARDCORP (08510) announced that on November 2, 2023 (after the trading period), the company entered into a placement agreement with the placement agent. According to this, the company has agreed to use the placement agent to try its best to place up to 276 million shares of placement shares to no less than six undertakers. The placement price is HK$0.013 per share. The placement price is HK$0.013 per share. The closing price reported on the Stock Exchange on the date of the placement agreement is about 18.8% off the closing price of HK$0.016 per share.
Assuming that there is no change in the number of issued shares between the date of this announcement and the date of completion, the maximum number of placed shares of 276 million shares is equivalent to about 20.0% of the company's existing issued share capital at the date of this announcement; and about 16.7% of the company's issued share capital expanded through allotment and placement of shares.
Assuming that up to 276 million placed shares are fully placed, the total proceeds and net proceeds (after deduction of placement commissions and other related expenses) are estimated to be approximately HK$3.6 million and HK$3.5 million, respectively. The company intends to use the net proceeds from the placement event as the group's general working capital.