CN Int Dev Corp (00264) announced that on June 24, 2024 (after trading hours), the placing agent entered into a placing agreement with the company. According to this, the placing agent conditionally agreed to act as the placing agent of the company and use best efforts to solicit not less than six placing participants (each of whom and their ultimate beneficial owners are independent third parties) to subscribe for up to 40 million placing shares, representing 8.84% of enlarged share capital, at a placing price of HKD 0.90 per placing share. This represents a 10.89% discount to the closing price on the previous trading day (24th).
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.