AGTech Holdings unveils issuance of 407m new shares

Shares are worth HK$0.345 each.

According to a release, AGTech Holdings Limited announced that it has entered into a placing agreement to not fewer than six independent individual, corporate, professional and/or institutional investors, raising approximately HK$140 million. Details are as follow:

AGTech will issue approximately 407 million new shares for placing at HK$0.345 per share.

The largest strategic investor, Rainwood Resources Limited, is beneficially and wholly-owned by Mr. Cheung Lup Kwan, a Macau businessman and legislator.

Placee A will act as the strategic investor and business partner of the Company to jointly explore business opportunities in Macau, and the Company has also entered into an option agreement entitling Placee A to subscribe for up to a maximum of 212,879,224 option shares at an exercise price of HK$0.4 per share.

Gross proceeds of the placing at approximately HK$140 million will be used for business development, including but not limited to investment opportunities in relation to any entertainment, hotel and leisure related business in Macau