Buck 1798 Group (01010) announced that all the prerequisites contained in the placement agreement have been met, and the placement was completed on January 17, 2024 in accordance with the terms and conditions of the placement agreement. A total of 74.049 million placed shares (equivalent to approximately 16.67% of the company's issued share capital immediately after completion on the date of this announcement) have been successfully placed to no less than six undertakers at an placement price of HK$0.56 per share.
The net proceeds from the placement are approximately HK$40 million after deducting all related expenses (including but not limited to placement commissions, legal expenses and advance fees). As disclosed in the placement announcement, the company intends to use the net proceeds from the placement for the Group's general working capital and the development of the Group's business.