Volcanic Yidong International Holdings (01715) issued an announcement. According to the shareholders' announcement on the company on March 27, 2024...
According to the Zhitong Finance App, Volcano Yidong International Holdings (01715) issued an announcement regarding the placement of up to 18.93 million new shares in accordance with the special authorization granted by shareholders at the company's special shareholders' meeting held on March 27, 2024. In view of the recent market price of the shares reported on the Stock Exchange, the board of directors announced that the placement agent had entered into a termination agreement with the company, and the two parties agreed to terminate the previous placement agreement on May 10, 2024. As a result, all rights and responsibilities of the contracting parties under the previous placement agreement are no longer valid as of May 10, 2024.
On May 10, 2024, the company plans to place up to 42.31 million shares, accounting for approximately 35.88% of the expanded company's issued share capital. The placement price of HK$0.52 per share was approximately 14.8% off from the closing price of HK$0.61 per share on May 10.
Assuming that all of the placed shares are fully placed, it is estimated that the total proceeds and net proceeds from the placement will be approximately HK$22 million and approximately HK$21 million respectively. The Company intends to use the net proceeds from the placement to repay the Group's other loans and supplement the Group's general working capital.