Xinyang Maojian Plans Major Share Placement

Xinyang Maojian Group (HK:0362) has released an update.

Xinyang Maojian Group has announced a new share placement agreement after market hours on August 22, 2024, aiming to issue 600 million new shares at HK$0.1 each to at least six independent placees. The gross proceeds are expected to be HK$60 million, with net proceeds of approximately HK$59.1 million after expenses, which will be used mainly for debt repayment and as working capital for the Group. The placement is subject to shareholder approval and may not proceed.

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