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CIL Holdings Ltd Announces Placing Of New Shares


Tuesday, 5 Nov 2013 05:04pm EST 

CIL Holdings Ltd announced that, on November 5, 2013 (after trading hours), the Company and the Placing Agent entered into the Placing Agreement pursuant to which the Placing Agent has conditionally agreed to place up to an aggregate of 260,000,000 new Shares, on a effort basis, to not less than six Placees at a price of HKD0.149 per Share. The Placing Price of HKD0.149 represents a discount of approximately 19.5% to the closing price of the Shares of HK$0.185 per Share on the Last Trading Day as quoted on the Stock Exchange on November 5, 2013, being the date of the Placing Agreement; and a discount of approximately 9% to the average closing price of the Shares of HKD0.163 per Share for the last five consecutive trading days including and up to the Last Trading Day as quoted on the Stock Exchange. Completion of the Placing shall take place at 12:00 noon on the completion date being a date within seven Business Days following the fulfillment of the condition of the Placing. The gross proceeds from the Placing is estimated to be approximately HKD38.7 million. Net proceeds from the Placing, after deducting related placing fee and other related expenses in connection with the Placing, is estimated to be approximately HKD37.7 million. The net placing price for the placing is approximately HKD0.145 per Share. The Company intends to apply net proceeds towards general working capital of the Group. 

Company Quote

0.057
0.0010 +1.79%
2:08am EST