TL NATURAL GAS (08536) announced that on December 15, 2023 (after the trading period), the company entered into a placement agreement with the placement agent. According to this, the company has agreed to place up to 35.451 million shares through the placement agent at a placement price of HK$0.638 per share to no less than six contractors (each of which itself and its ultimate beneficial owners are independent third parties) according to best practices.
The maximum number of 354.51 million placed shares placed by the placement event is equivalent to (i) 20% of the company's current issued share capital of 177 million shares at the date of this announcement; and (ii) approximately 16.67% of the company's issued share capital of 213 million shares after the expansion of the placement event (assuming no further changes in the company's share capital structure before completion).
The placement price of HK$0.638 is reduced by approximately 19.24% from the closing price of (i) shares reported on the Stock Exchange on the date of the placement agreement at HK$0.79 per share;
The maximum amount of proceeds from the placement will be HK$22.617,700. The maximum net proceeds from the placement event (after deducting commissions payable to the placement agent, professional fees, and other costs and expenses associated with the placement) will be approximately HK$21 million.