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08132 CENTURY EN INTL
RTNominal unchange0.116 0.000 (0.000%)
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05/10/2018 11:12

China Oil Gangran (08132) issues HK$15m convertible notes

[ET Net News Agency, 5 October 2018] China Oil Gangran Energy (08132) said it agreed to
issue the notes in the aggregate principal amount of HK$15 million. The notes are
convertible into new shares at a conversion price of HK$0.2 per share, representing a
premium of 669.23% over the closing price of HK$0.026.
The conversion shares of 75 million shares represent 1.04% of the enlarged issued share
capital of the company. The notes will bear coupon interest at the rate of 1.5% per annum,
and the maturity of the notes will be the date falling on the second anniversary of the
date of issue of the notes.
The net proceeds are estimated to be HK$14.8 million. The company intends to apply the
net proceeds as to HK$5 million for the repayment on interest of promissory notes due in
the financial year ending 31 March 2019, HK$2.25 million for the repayment of interests on
bonds and the remaining balance of HK$7.55 million as general working capital of the
group.
In view that the shares had been traded at around or below HK$0.1 at certain time in the
past 12 months, the board is considering a proposed share consolidation. (SC)

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