Gelonghui December 15, China Guomao Holdings (08428.HK) announcementOn 15 December 2021, the Company entered into the placing Agreement with the placing Agent, pursuant to which the Company intends to submit for subscription, and the placing Agent has agreed (as the Company's agent) to procure, on a dedicated basis, not less than six Placees to subscribe for up to 28.8 million placing shares at a price of HK $0.12 per placing share during the placing period.
The placing shares are equivalent to about 7.41% of the total number of issued shares after the expansion of the placement. The placing price of HK $0.12 is about 12.41% off the closing price of HK $0.1370 per share quoted on the Stock Exchange on the date of the placing Agreement.
The placing shares will be allotted and issued in accordance with the General mandate. The company will apply to the GEM listing Committee for approval for the listing and trading of the placing shares.
The maximum amount of proceeds from the placing will be about HK $3.5 million. The maximum net proceeds from the placing (after deducting the placing agent commissions, professional fees and other related costs and expenses arising from the placing) will be approximately HK $3.4 million and will be used as the general working capital of the Group.