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SMI Corp Ltd Announces Placing Of New Shares


Sunday, 15 Sep 2013 10:48am EDT 

SMI Corp Ltd announced that it has entered into the placing agreement with the placing agent whereby the Company agreed to place, through the placing agent, on a fully underwritten basis, 350,000,000 new shares to not less than six placees at a price of HKD0.18 per placing share. The 350,000,000 placing shares represent approximately (i) 4.32% of the issued share capital of the Company as at the date of this announcement; and (ii) 4.14% of the issued share capital of the Company as enlarged by the issue of the 350,000,000 Placing Shares. The aggregate gross proceeds from the placing will be approximately HKD63 million. The Company intends to use the net proceeds of approximately HKD61 million from the placing for the purpose of its general working capital requirements and repayment of liabilities. 

Company Quote

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2:06am EDT