Kingwell Group (01195) said it agreed to issue up to 200 million unlisted warrants at the issue and subscription price of HK$0.01 and HK$0.48 apiece.
The aggregate of the issue and subscription price of HK$0.49 represents a premium of about 15.29% over the closing price of HK$0.425.
Upon the exercise of the subscription rights attaching to the warrants in full, a maximum of 200 million new shares will be issued and allotted, representing about 7.15% of the enlarged issued share capital of Kingwell Group.
The net proceeds of about HK$1.9 million from the warrant subscription are intended to be used for the reduction of interest-bearing other borrowings, general working capital and future investments of the Group. If the subscription rights attaching to the warrants are exercised in full, an additional amount of about HK$96 million will be raised.
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