Cybernaut International Holdings (HKG:1020) entered into a termination agreement with China Solar Energy Group (HK) regarding the subscription of 200 million new shares of the company by the subscriber at HK$0.10 a piece, a Friday Hong Kong bourse filing said.

The 200 million new shares represented 4.99% of the entire issued share capital of the company and the net proceeds from the subscription would have raised HK$19.8 million for the company.

The company terminated the contract citing changes in market conditions and uncertain economic outlook and both parties have agreed to not have any claim against the other with reference to the terminated subscription agreement.