Gelonghui, February 2, 丨 Tianji Holdings (01520.HK) announced that on February 2, 2024, the company signed a first subscription agreement with Yu Chunfeng, the first subscriber. According to this, the company plans to allocate and distribute, and the first subscriber intends to subscribe for up to 400 million first subscription shares at the first subscription price of HK$0.10 per first subscription share.
The first subscribed share is equivalent to (i) approximately 18.72% of the company's current issued share capital at the date of this announcement; (ii) approximately 15.77% of the company's issued share capital after being expanded by allocating and issuing the first subscribed shares; and approximately 13.62% of the issued share capital after the expansion of the first subscription shares and the second subscription shares through allotment and issuance of the first subscribed shares and the second subscription shares. The first subscription price of HK$0.10 was discounted by approximately 23.66% compared to the closing price of HK$0.131 per share as reported on the date of the first subscription agreement.
The total amount of proceeds from the first subscription transaction will be up to HK$40 million. The Company intends to use the maximum net proceeds of (i) approximately HK$9,790,000 to repay outstanding liabilities; (ii) approximately HK$11,880,000 to provide general working capital; and (iii) approximately HK$18,050,000 for business development of existing projects.
On the same day, the company signed a second subscription agreement with King Castle Enterprises Limited. According to this, the company plans to allocate and issue, and the second subscriber intends to subscribe for up to 400 million second-subscription shares at the second subscription price of HK$0.10 per second subscription share.
The total amount of proceeds from the second subscription will be up to HK$40 million. The Company intends to use the net proceeds (i) approximately HK$9,790,000 to repay outstanding liabilities; (ii) approximately HK$11,880,000 to provide general working capital; and (iii) approximately HK$18,050,000 for business development of existing projects.
These subscription matters reflect the confidence and support of these subscribers in the company's development. These subscription matters will further enhance the company's capital base and financial position, and lay a more solid foundation for future business development.