On June 12, Gloco Corporation announced that on June 12, 2024, the company (as the issuer) entered into a subscription agreement with the subscriber. Accordingly, the subscriber has agreed to subscribe subject to conditions, and the company has agreed to issue and distribute a total of 133,509,926 subscription shares for a total of approximately HK$10.7 million in cash. The subscription price is HK$0.08 per subscription share.
The subscription shares under the subscription agreement correspond to approximately 20.00% of the company's existing issued share capital as of the announcement date. The subscription price of HK$0.08 per subscription share is the closing price per share reported on the Stock Exchange of Hong Kong on June 12, 2024 (i.e., the date of the subscription agreement). Assuming full subscription of the subscription shares, the expected total proceeds from the subscription project will be approximately HK$10.7 million. The net amount of proceeds from the subscription project (after deducting all relevant expenses) is estimated to be approximately HK$10.2 million, equivalent to a net price of approximately HK$0.076 per subscription share. The company intends to use the net proceeds as general operating capital for the Group.
