On July 11th, 2024, Life Concepts (08056.HK) announced that the company entered into a placement agreement with the placement agent, under which the company agreed to appoint the placement agent as its agent and the placement agent agreed to use its best efforts to act as a placement agent and to promote the subscription of up to 0.37 billion shares of placement shares at the subscription price, subject to the terms and conditions set forth in the placement agreement.
The placement shares represent approximately 19.49% of the total number of issued shares as of the date of this announcement. The net proceeds (after deducting all relevant costs and expenses, including commissions and levies) is approximately HKD 5.1 million, with an approximately 10.00% discount to the closing price of HKD 0.016 per share reported by the Stock Exchange of Hong Kong Limited on the date of the placement agreement. Based on this calculation, the net price of each placement share will be approximately HKD 0.0139 per share.
