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China Mobile Games and Cultural Investment Ltd announces placing of new shares under general mandate

Wednesday, 13 Aug 2014 09:28am EDT 

China Mobile Games and Cultural Investment Ltd:Says that the company and placing agent entered into placing agreement pursuant to which the company has conditionally agreed to place through placing agent.On a best endeavour basis, up to 209,592,000 placing shares, to not less than six placees who and whose ultimate beneficial owners are independent third parties at price of HK$0.134 per placing share.Assuming all placing shares to be placed under placing agreement have been placed, gross proceeds from placing will be about HK$28.09 mln and net proceeds will be about HK$27.37 mln (after deduction of commission and other expenses of placing).It is intended that entire net proceeds from placing will be applied to acquire additional 6 pct. issued share capital in Mighty Eight Investments Ltd, which the company holds total of 18 pct. of its total issued share capital as at date of this announcement. 

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