Yugang International issues warrants and convertible notes to raise HK$126.24 ml

Yugang International (0613) announced to place 1.312 bln warrants at HK$0.02 each to raise HK$26.24 mln with net proceeds of HK$24.9 mln. The batch of warrants were two-year warrants and their exercise price is HK$0.09 each, 3.45% discount to the closing price of HK$0.087. The raised capital will be used for general operation capital. 

Furthermore, the company issued 100 mln convertible notes to the subsidiary company of its chairman with time limit of three years and annual dividend of 5%. If the notes were fully exercised, the company should issue 1 bln new shares to raise HK$100 mln to HK$120 mln with net proceeds of HK$99.4 mln, which would be used for general operation capital.

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