HealthBank Holdings has proposed the placement of up to 15,500,000 new ordinary shares at 2.727 cents per share for private investor Zhao Ziqing, Dominic.
Zhao is an existing shareholder of the company with a 0.65% interest. He says that he has entered into the placement agreement with HealthBank purely for investment purposes.
Following the successful placement, Zhao’s shareholding in the company will increase to 14.67%, holding 16,111,500 shares in the company.
The placement shares will result in an aggregate cash consideration of $422,685 for HealthBank, which the group intends to use to finance its general working capital, including but not limited to due diligence expenses in connection with potential investment projects to be undertaken.
Zhao will pay the cash consideration in two tranches. The first 50% will be paid no later than the seventh business day from the execution of the subscription agreement, and the second tranche will be paid within 100 calendar days from the date of the subscription agreement.
HealthBank last traded at 2.9 cents on Oct 2.
