Gelonghui May 14 丨 Maoshi Coffee Holdings (01869bingocashandroid.HK) announced that on May 14, 2024, the company entered into a placing agreement with the placing agent, pursuant to which the company plans to place up to 221 million shares, with the placing shares equivalent to approximately 20% of the issued share capitalbingocashandroid; and approximately 16.67% of the issued share capital as enlarged by the full allotment and issue of placing shares. The placing price was HK$0.144 per placing share, representing a discount of approximately 19.10% to the closing price of HK$0.1780 per share quoted on the Stock Exchange on the date of the placing agreement.
It is estimated that the total and net proceeds from the placing will be approximately HK$31.83 million and approximately HK$30.94 million respectively.
The Company intends to use the net proceeds from the Placing to (i) develop the cat shit coffee business in China and Hong Kong; and (ii) the Group's business operations and general working capital.
The Directors believe that the placing will (i) enhance the Group's financial position,(ii) provide greater financial capabilities and flexibility for the business development of the Group's cat shit coffee business, and (iii) broaden the Company's shareholder base.
