Pacific Legend (08547) announced on August 8, 2024 that the Company entered into a placement agreement with the placement agent, and the Company has agreed to issue not less than 427,000 shares of the Placement Shares to not less than six subscribers (each of whom and their ultimate beneficial owners must be independent third parties) at a price of HK$0.165 per Placement Share.
The issue price of the Placement Shares is HK$0.165 per Placement Share, representing a discount of approximately 2.37% to the closing price of the Company's ordinary shares on August 7, 2024; the maximum number of Placement Shares represents approximately 15.77% of the issued ordinary shares of the Company after giving effect to the issue and issuance of the Placement Shares (assuming that the issued ordinary shares of the Company have not changed since the date of this announcement until the completion of the placement).
Assuming that all 427,000 Placement Shares are subscribed, the net proceeds of the placement will be approximately HK$6.88 million (net of placement agent's fees and other expenses), representing a net issue price of approximately HK$0.161 per Placement Share. The net proceeds of the placement are expected to be used for the general working capital of the Group.