Zhongtian International (00826) said it agreed to place convertible bonds in the aggregate principal amount of up to HK$23 million at an initial conversion price of HK$1.07 per share, representing a discount of about 10.83% to the closing price of HK$1.2.
A maximum number of 21.5 million conversion shares shall be allotted and issued upon exercise in full of the conversion rights attaching to the convertible bonds, representing around 9.01% of the enlarged issued share capital of Zhongtian International.
The estimated net proceeds of about HK$22.42 million will be used as general working capital of the Group.
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