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First China Financial Network Holdings Ltd Announces Placing Of New Shares

Tuesday, 23 Jul 2013 07:59pm EDT 

First China Financial Network Holdings Ltd announced that on July 23, 2013 (after trading hours), the Company entered into the Placing Agreement with the Placing Agent, pursuant to which the Company has conditionally agreed to issue and the Placing Agent has conditionally agreed to procure, not less than six Placees to subscribe for an aggregate maximum of 430,000,000 Placing Shares at a Placing Price of HKD0.121 per Placing Share. Assuming a maximum of 430,000,000 Placing Shares are placed in full by the Placing Agent, the maximum gross proceeds and net proceeds from the Placing will be approximately HKD52.0 million and HKD50.9 million respectively. The net proceeds from the Placing are intended to be used as general working capital of the Group and as funds for future development of the existing business of the Company and other relevant business when investment opportunities arise. Completion will take place before 10 a.m. on the fifth Business Day following the fulfillment of all the conditions as set out in the section headed Conditions precedent above, or such other time or date as the Placing Agent and the Company may agree in writing. 

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