Grace Harmony November 26th, Ocean Star Tech (08297.HK) announced that on November 25, 2024, the company entered into a placing agreement with the placing agent (i.e. Ding Shi Securities Ruissen Hong Kong Securities), whereby the placing agent agreed to place up to 0.2155 billion new shares on behalf of the company at a price of HK$0.040 per share, based on best efforts basis, to no fewer than six independent placing participants. The placing price represents a premium of approximately 21.21% over the closing market price of HK$0.033 per share of the shares on November 25, 2024 (i.e. the date of the placing agreement) as published on the Stock Exchange.
The maximum number of shares to be placed is 0.2155 billion shares, equivalent to approximately 19.99% of the company's total issued share capital as of the date of this announcement, and approximately 16.66% of the total issued share capital after the placing. The net proceeds of approximately HK$8.36 million (assuming full subscription for the placing shares and after deducting all relevant expenses) from the placing will be used for potential future investment opportunities, repayment of borrowings, and general working capital of the Group.
