08057.HK announcement, on 17 June 2021, the seller Madison Blockchain Holdings Company Limited, a direct wholly-owned subsidiary of the company, entered into a sale and purchase agreement with Li Li, the buyer, under which the seller agreed to sell and the buyer agreed to purchase the unsold shares (equivalent to all the issued shares of Madison Lab Limited) and the loan for sale at a consideration of HK $90 million.
As a seller, the consideration for paying the sale upon completion is an acceptance note with an issued principal amount of HK $90 million due on December 16, 2021. On December 16, 2021, Ms. Li entered into an extension contract with the seller to (I) extend the current maturity date of the acceptance instrument from December 16, 2021 to June 16, 2022 and (ii) increase the annual interest rate of the acceptance instrument from 2% to 3%.