Glonghui, December 22, 丨 Buck 1798 Group (01010.HK) announced that on December 22, 2023, the company and the placement agent entered into a placement agreement. According to this, the placement agent conditionally agreed to place a maximum of 74,049,028 new shares at the placement price of HK$0.56 per share on a best-effort basis to no less than six undertakers. Placing shares will be allocated and issued in accordance with the general authorization granted to the directors at the annual general meeting of shareholders.
The placement price is HK$0.56 per share, which is equivalent to a share discounted of approximately 18.8% per share at the closing price of HK$0.690 per share on the date of the placement agreement; the placed shares are equivalent to approximately 16.67% of the total number of shares issued after all allotments and the issuance and expansion of the placed shares. After deducting placement commissions, professional fees and all related expenses that may be borne by the company, the maximum net proceeds from the placement are estimated to be approximately HK$40 million. The company intends to use the net proceeds for general working capital and business development.