Huasheng International Holdings (01323) announced that all the conditions of the placement agreement have been met, and the placement has been completed on November 3, 2023 in accordance with the terms and conditions of the placement agreement. Among them, the placement agent has successfully placed a total of 840 million placed shares, which is equivalent to about 20.00% of the issued share capital of the company immediately before the placement matter; and the issued share capital of the company expanded by 840 million shares on the date of this announcement immediately following the completion of the placement matters and the expansion of the placement of 840 million shares issued by the company.
The net proceeds from the placement were approximately HK$13.12 million. The net proceeds will be used to pay off the Group's outstanding short-term liabilities.