361 DEGREES (01361) has announced that on April 28, 2026, before the trading session, the seller, Mingrong International Limited, the company, and the placing agent entered into a placing and subscription agreement. Pursuant to this agreement, the placing agent has agreed, on a best-efforts basis, to place up to 100 million sale shares held by the seller to no fewer than six placees at a price of HK$6.18 per share. The 100 million shares represent approximately 4.61% of the company's issued share capital as enlarged by the allotment and issuance of the subscription shares. The price of HK$6.18 per share represents a discount of approximately 10.69% to the closing price of HK$6.920 per share on the Stock Exchange on the last trading day. Assuming the sale shares are fully placed under the placing and the subscription is completed, the gross proceeds from the subscription are estimated to be approximately HK$618 million, with net proceeds estimated to be approximately HK$611 million. The company intends to use the net proceeds as follows: approximately 80% will be used to expand its overseas market network, including but not limited to the leasing and renovation of retail stores, the establishment of e-commerce platforms, the acquisition of potential business targets, marketing and branding activities, and the setup of overseas subsidiaries; and approximately 20% will be used for general working capital and other general corporate purposes, including but not limited to supporting the daily operations and ongoing business development of the Group's main business, and providing start-up capital for the establishment of overseas subsidiaries and offices.
Comments