CORNERSTONE TEC (08391) to place shares at 18.57% discount X

03/10/2025 09:53

(Infocast News) CORNERSTONE TEC (08391) has agreed to place 127,000,000 Placing Shares at the Placing Price of HK$0.57 per Placing Share.

The number of 127,000,000 Placing Shares represent approximately 11.41% of the issued share capital of the Company as enlarged by the allotment and issue of the Placing Shares.

The Placing Price of HK$0.57 represents a discount of approximately 18.57% to the closing price of HK$0.70 per Share as quoted on the Stock Exchange on the date of the Placing Agreement.

The gross proceeds and net proceeds of the Placing are estimated to be approximately HK$72.39 million and HK$70.06 million, respectively. The Company intends to apply the net proceeds from the Placing as approximately HK$70.06 million as to (i) approximately 42.91% or HK$30.06 million as the general working capital of the Group; (ii) approximately 37.11% or HK$26 million as the capital expenditures of the Group’s projects; (iii) approximately 14.27% or HK$10 million as the finance costs of the Group; and (iv) approximately 5.71% or HK$4 million as the marketing and investor relations fees of the Group. (WL)

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