JX ENERGY (03395) announced that the company entered into a subscription agreement with subscriber Bai Tian on October 10, 2025. The company conditionally agreed to allot and issue 11.1616 million subscription shares at a subscription price of HK$0.31 per subscription share, while the subscriber conditionally agreed to subscribe for such shares.

The subscription shares represent approximately 1.81% of the company's enlarged issued share capital. The subscription price of HK$0.31 per subscription share represents a discount of approximately 7.46% compared to the closing price of HK$0.335 per share quoted on the Stock Exchange on October 10, 2025.

The subscription shares will be allotted and issued under the general mandate. The gross proceeds from the subscription are expected to be approximately CAD 620,000 (equivalent to approximately HK$3.4601 million). After deducting related expenses, the net proceeds from the subscription will be approximately CAD 601,600 (equivalent to approximately HK$3.3576 million). The net subscription price after deducting all related expenses is expected to be approximately HK$0.301 per subscription share.

The company intends to use the net proceeds from the subscription as general working capital. The directors believe that completion of the subscription will provide the company with an excellent opportunity to raise surplus capital and strengthen the company's financial position. Furthermore, the directors believe that the subscription will enable the company to obtain additional funds at reasonable cost to support existing operations and further expand existing and potential business and investment opportunities.