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Tanrich Financial Holdings Ltd announces conditional subscription agreement

Friday, 15 Aug 2014 09:51am EDT 

Tanrich Financial Holdings Ltd:Tanrich and the Offeror jointly announce that on July 11, the offeror (as subscriber) entered into the subscription agreement with Tanrich (as issuer) and the Guarantors.Pursuant to which Tanrich has conditionally agreed to issue, and the offeror has conditionally agreed to subscribe for 1,245,124,409 subscription shares at the subscription price of HK$0.28 per subscription share.Gross proceeds will amount to about HK$348.6 mln.Net proceeds are estimated to be about HK$328 mln.It is the intention of the offeror to deploy the net proceeds for general working capital for development of existing business of Tanrich in anticipation with recent market development and opportunities, such as Shanghai-Hong Kong Stock Connect. 

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