Xinyang Maojian Group (HK:0362) has released an update.
Xinyang Maojian Group has mutually agreed with Leeds Securities Investment Limited to terminate their previous agreement for placing new shares and consequently cancel the related Special General Meeting. The Group has entered into a new placing agreement after market hours to issue up to 600 million new shares at HK$0.1 each, aiming to raise a net total of HK$57.9 million, primarily for debt repayment and general working capital. This move will result in significant changes in the company’s share capital structure, pending shareholder approval.
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