Zhitong Finance App News, Tianhong Culture & Innovation (08500) issued an announcement on matters relating to the company's intention to place up to 36 million new shares. On February 23, 2024, the company signed a supplementary placement agreement with the placement agent, and the following revisions have been made to the placement agreement:
According to the supplementary placement agreement, the placement price has been revised from HK$0.471 per placed share to HK$0.488 per placed share (new placement price). The new placement price of HK$0.488 is approximately 18.67% off the closing price of HK$0.60 per share as reported on the Stock Exchange on February 23, 2024 (the date of the supplementary placement agreement).
Based on the new placement price, the maximum net proceeds from the placement will be approximately HK$17.27 million, while the net price of each placed share will be approximately HK$0.48. The net proceeds from the placement will be used as working capital for the Group's operating operations.
Furthermore, due to the need for more time to reach the conditions under the placement agreement, the proposed final deadline under the placement agreement has been extended from February 23, 2024 to March 8, 2024 (or a later date as may be agreed between the placement agent and the company).