CN INT DEV CORP (00264) issued an announcement on June 24, 2024, that the placement agent has entered into a placement agreement with the company that...
Zhonglian Development Holdings Limited (00264) released an announcement on June 24, 2024, stating that the placement agent has entered into a placement agreement with the company. The placement agent has conditionally agreed to act as the company's placement agent and use its best efforts to promote the subscription of up to 40 million allocated shares by no fewer than six placing participants (each and each of their ultimate beneficial owners being independent third parties) at a placement price of HKD 0.90 per share. The allocated shares represent approximately 8.84% of the enlarged issued share capital of the company. The placing price per share of the allocated shares is HKD 0.90, which is a discount of approximately 10.89% to the closing market price of HKD 1.01 per share of the shares on the date of the placement agreement as reported in the Stock Exchange of Hong Kong Limited.
The maximum amount of proceeds and net proceeds (after deducting the placement commission, professional fees, and all related expenses borne by the company) expected to be derived from the placement is approximately HKD 36 million and HKD 34.77 million, respectively. The company plans to use the net proceeds from the placement for general working capital and to enhance the financial position of the group.