Gelonghui, March 20, 丨 China Long Term (00110.HK) announced that on March 20, 2024, the company entered into a subscription agreement. According to this, the company has conditionally agreed to distribute and issue to the subscribers, and the subscribers have agreed to subscribe for a total of 30 million shares at the subscription price of HK$0.26 per share under a general mandate (a premium of about 10.6% per share from the closing price of HK$0.235 per share on the date of the subscription agreement).
The total number of subscribed shares accounted for (i) approximately 14.2% of the Company's current issued share capital at the date of this announcement; and (ii) approximately 12.4% of the Company's issued share capital, which was expanded by allocating and issuing all subscribed shares.
The net proceeds from the subscription will be approximately HK$7,760,000, and the company plans to apply the net proceeds to the Group's general working capital.