INKEVERSE (ASX: 03700) has announced that all conditions under the subscription agreement have been satisfied.
The initial portion of the transaction was completed on July 2, 2026, with the company allotting and issuing a total of 192 million subscription shares to six subscribers.
For the subscription of the remaining 195 million shares, the company and the three remaining subscribers entered into supplemental agreements, as the subscribers required additional time to complete related administrative procedures. These agreements stipulated that completion would occur no later than July 15, 2026, or at another mutually agreed date.
The board is pleased to announce that the relevant administrative procedures for the remaining subscribers have now been completed.
The remaining portion of the subscription agreement was finalized on July 15, 2026, with a total of 195 million remaining subscription shares issued to the remaining subscribers.
As of the date of this announcement, the company has successfully allotted and issued a total of 387 million subscription shares in two tranches. This represents approximately 20% of the company's existing issued share capital immediately prior to the allotment and issuance of the first tranche, and about 16.67% of the company's enlarged issued share capital following the issuance of all subscription shares.
After deducting related expenses, the net proceeds from the completion amount to approximately HK$328 million.
The company intends to use the net proceeds for the acquisition of high-performance GPUs to establish and expand the group's GPU computing infrastructure, as well as for general working capital for this infrastructure and for the daily administrative expenses of the group's overseas teams.
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