On July 24, 2024 (after the trading session), Gaodi Corporation (01676) announced that the placement agent and the company had entered into a placement agreement. The placement agent conditionally agreed to act as the placement agent for the company and using its best efforts to promote the company to issue a maximum of 11.5 million shares at a placement price of HK$1.40 per share to no fewer than 6 placing participants (who are independent third parties with ultimate beneficial ownership). The placement price of HK$1.40 per share is about 1.41% discount to the closing price per share of HK$1.42 as quoted on the HKEx on the date of the placement agreement (i.e. the last trading day).
Assuming that all of the placing shares are placed, the estimated net proceeds from the placing will be approximately HKD15.7 million, with a net placing price of approximately HKD1.37 per placing share. The director proposes to use the net proceeds from the placing as general working capital of the Group.