China Financial to Raise HK$100 Million From Share, Warrant Sale

MT Newswires Live
03/12

China Financial International Investments (HKG:0721) said it attracted a HK$87.8 investment from Phancy Group (HKG:6682), according to a Hong Kong bourse filing Wednesday.

Shares of the investment firm gained over 12% in morning trade Thursday.

The company will sell around 2.19 billion shares to the subscriber for HK$0.04 apiece. The firm said Phancy's inclusion as an investor would help the company with technology know-how.

The shares represent 20% of the firm's issued share capital and 16.67% as enlarged by the sale.

Separately, the firm agreed to issue 2.5 billion warrants to three separate subscribers at HK$0.005 apiece.

The warrants can be exchanged for the shares of the company at HK$0.058 each.

The warrant sale will yield the firm an additional HK$12.5 million in gross proceeds. If they are fully exercised, the company expects to generate a further HK$145.1 million in gross proceeds.

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