crashthegame| China Baoli Technology (00164): Net proceeds from the placement of 16.803 million shares were approximately HK$16 million

News summary

China Baoli Technology plans to place 1,680crashthegame.30,000 sharescrashthegame, raised approximately HK$17 million, with a net amount of approximately HK$16 million, which will be used to settle debt, business development and working capital.

Newsletter text

[China Baoli Technology announced a rights placement plan, which plans to raise approximately HK$17 million] China Baoli Technology (00164) announced on May 7 that the company plans to place no more than HK$1,680crashthegame.30,000 new shares, accounting for 16.67% of the company's enlarged total share capital.

The placing price per share was set at HK$1.030, a 16.94% discount from the closing price of HK$1.240 on the previous trading day. This move is expected to bring total proceeds of approximately HK$17 million to the company, with a net amount of approximately HK$16 million.

The board of directors revealed that the net proceeds will be fully used to repay the company's outstanding debts, approximately HK$11.2 millioncrashthegame; Investment Group business expansion of approximately HK$3.2 million; and as a daily operating fund, approximately HK$1.6 million.