Dragon King Group (08493) issued an announcement that all the prerequisites contained in the placement agreement have been met or fulfilled, and completed...
According to the Zhitong Finance App, Dragon King Group (08493) issued an announcement that all the prerequisites contained in the placement agreement have been met or fulfilled, and completed on February 22, 2024. A total of 35.56 million shares of the placed shares have been successfully placed to no less than six undertakers at the placement price of HK$0.257 per share, and none of the undertakers became major shareholders of the company immediately after completion. The 35.56 million placed shares are equivalent to (i) approximately 16.67% of the total number of shares issued immediately before completion; and (ii) approximately 14.29% of the total number of issued shares immediately after completion, which was expanded through the allocation and issuance of 34.56 million placed shares.
The total proceeds from the placement amounted to HK$8.8819 million. The net proceeds from the placement (after deducting placement commissions payable to the placement agent, professional fees and other costs and expenses related to the placement) were approximately HK$8.52 million. The Company intends to use (i) 50% of the net proceeds for the Group's general working capital, including but not limited to rent expenses, salary expenses and other office expenses for the Group's business in Hong Kong and China, up to a maximum of about HK$4.26 million; and (ii) 50% to repay outstanding liabilities, up to a maximum of approximately HK$4.26 million.