Ubtech Robotics Completes Private Placement of New H Shares

Reuters12-02
Ubtech Robotics Completes Private Placement of New H Shares

Ubtech Robotics Corp. has announced the completion of a placing of new H shares under a general mandate. A total of 31,468,000 placing shares, representing approximately 7.27% of the company's issued H shares, were placed. The proceeds from the placement will be used mainly for payments to suppliers and service providers related to the commercialization of humanoid robots, as well as for offshore and onshore investments including identifying potential target companies and forming joint ventures. All unutilized net proceeds are expected to be fully used within the next two years. No public offering of securities will be made in the United States.

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