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Lung Cheong International Holdings Ltd Announces Placing Of New Shares Under Specific Mandate


Sunday, 18 Nov 2012 07:11pm EST 

Lung Cheong International Holdings Ltd announced that it has entered into the Placing Agreement with the Placing Agent on November 6, 2012, pursuant to which the Company appointed the Placing Agent as its sole and exclusive placing agent, on a besteffort basis, to procure not fewer than six Placees (who are Independent Third Parties) to subscribe for up to 2,000,000,000 Placing Shares at the Placing Price. On November 6, 2012, the Placing Agent procured a Placee and this Placee on the same day confirmed to the Placing Agent to subscribe a total of 1,390,000,000 Placing Shares at the Placing Price. The Placing Shares represent approximately 57.84% of the Company’s existing issued share capital and approximately 36.65% of the Company’s issued share capital as enlarged by the issue of the Placing Shares. The Placing Shares will be allotted under the Specific Mandate to be sought at the EGM. It is expected that the net proceeds from the Placing will amount to approximately HKD388 million. The Company intends to apply the aggregate net proceeds from the Placing towards business development of the Group into the new area and any future possible acquisitions and strategic investment which may bring in revenue when such opportunities arise and to improve the Group’s financial position. 

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