NATIONAL ARTS (08228.HK) 0.000 (0.000%) announced that on 2 December 2016 (after trading hours), the company entered into the placing agreement, pursuant to which the company has conditionally agreed to issue not less than six placees to subscribe for the convertible bonds in the aggregate principal amount of approximately $20,000,000 at the initial conversion price of $0.282 per share, representing a premium of approximately 18.5% to the last closing price (1 December).
Upon completion and full exercise, an aggregate of 70.922 million conversion shares shall be allotted and issued, representing 1.74% of the total number of shares in issue as enlarged.
The net proceeds are intended to be used for the repayment of outstanding liabilities of the group.
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