GCL New Energy Completes First Tranche Share Subscription With Pharos

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GCL New Energy (HKG:0451) completed the first tranche of a previously announced share subscription by Pharos, issuing 91.7 million new shares at HK$1.05 each, according to a May 8 Hong Kong bourse filing.

Shares of the renewable energy company rose nearly 1% in Monday morning trade.

The first tranche shares represent about 5.2% of GCL New Energy's enlarged issued share capital following completion on May 8.

GCL New Energy said in January that blockchain infrastructure firm Pharos agreed to subscribe for a total of 186.5 million new shares under a subscription and investment agreement.

The deal also includes GCL New Energy's investment in Pharos through future equity and token purchase rights linked to the company's blockchain platform.

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