Life (08079) plans to raise a net share offering of approximately HK$23 million according to the “1 for 3” basis

According to Zhitong Finance App News, Life Insurance (08079) issued an announcement. The company proposed implementing a share offering. The benchmark is to issue 3 shares for every 1 share held on the record date, issue 112 million shares to eligible shareholders at the subscription price of HK$0.22 per share, and raise approximately HK$24.64 million (before deducting expenses). The net proceeds from the share offering (after deducting expenses) are estimated to be approximately HK$23 million, which is equivalent to a net subscription price of approximately HK$0.21 per share offered.

The Company intends to use the net proceeds from the stock offering (i) HK$10 million to continue expanding its lending business; (ii) HK$5 million to strengthen and expand its retail business; (iii) HK$5 million to pay outstanding professional fees, loans and payables; and (iv) use the remaining net proceeds of HK$3 million as the Group's general working capital.