China Food Min'an (08283) plans to discount about 9.09% of the allotment of shares with a maximum net raise of HK$15.3 million

According to the Zhitong Finance App, China Food Security (08283) announced that on January 7, 2025, the company plans to place up to 400 million shares, accounting for 20% of the total number of shares currently issued at the date of this announcement; and about 16.67% of the total number of issued shares after all allotments and the expansion of the issued shares. The placement price of HK$0.04 per share was discounted by approximately 9.09% from the closing price of HK$0.044 on January 7.

After completion, and assuming that all shares have been successfully placed by the placement agent, the total amount of proceeds from the placement is estimated to be up to HK$16 million, while the net proceeds from the placement are estimated to be up to HK$15.3 million. Of the maximum net proceeds from the placement, approximately HK$10 million is intended to support the operation and development of the Group's business selling food and smart kitchen appliances; and approximately HK$5.3 million is intended to be used for the company's general working capital.