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Culturecom seeks to place HK$100 million of 8% convertible bonds
Chicago, June 12 – Culturecom Holdings Ltd. is working with a placement agent to sell up to HK$100 million of 8% convertible bonds with a two-year tenor to not less than six placees on a best-efforts basis, according to a notice.
The conversion price will be HK$0.50 per share, representing an initial conversion premium of 31.58% as of June 12.
Conversion rights may be exercised after six months through the maturity date.
Upon full placement, 200 million conversion shares will be allotted to the placees, representing 11.99% of the existing issued share capital of the company and approximately 10.7% of the company’s issued share capital as enlarged by the allotment.
A HK$17.42 million of the proceeds will be allotted for general corporate purposes.
Cinda International Securities Ltd. is the placing agent.
The placing period expires on June 30.
The Hong Kong-based issuer publishes comic books.
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