Asiaray Media Group Limited announced that it has signed a subscription agreement of perpetual subordinated convertible securities for an aggregate gross proceeds of HKD 75,000,000 on July 16, 2021. The transaction includes participation from returning investor, Space Management Limited. The stake of the investor will increase from 10.71% to 15.67% post closing of the transaction. The securities are unsecured and carry rate of distribution of 4% per annum payable quarterly. The securites to be issued do not have a maturity date. The securities are convertible into 30,864,197 common shares of the company at a conversion price of HKD 2.43 per share. The company will incur expenses of HKD 300,000 in relation to the transaction receiving net proceeds of HKD 74,700,000. The transaction needs to be approved by the shareholders of the company. The transaction is expected to complete on the 7th business day following the date on which the conditions are fulfilled.