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Asia Coal Ltd Announces Subscription For New Shares


Thursday, 7 Feb 2013 11:03pm EST 

Asia Coal Ltd announced that on December 04, 2012, the Company entered into the Subscription Agreement with the Subscriber, CEC Holdings and the Guarantor pursuant to which the Subscriber has conditionally agreed to subscribe for and the Company has conditionally agreed to allot and issue the Subscription Shares at the price of HKD0.0235 per Subscription Share for a total consideration of HKD151,947,482.38. The Subscription Shares represent approximately 300% of the existing issued share capital of the Company as at the Latest Practicable Date and approximately 75% of the issued share capital of the Company after the Capital Reorganisation becoming effective and as enlarged by the Subscription (assuming that there is no change in the issued share capital of the Company other than the Capital Reorganisation and the issue of the Subscription Shares between the Latest Practicable Date up to the Completion Date). Under the terms of the Subscription Agreement, the Company shall utilise all of the proceeds of the Subscription to redeem all outstanding principal amounts under each of the GF CB and the Termination CB. The Redemption will be effected pursuant to the terms of the Redemption Agreements entered into between the Company and CEC Holdings on December 04, 2012. The Redemption is subject to and conditional upon Completion having taken place. 

Company Quote

0.088
0.0 +0.00%
11 Jul 2014