Green Energy Group Limited (SEHK:979) announced a private placement of convertible bonds on best efforts basis for gross proceeds of HKD 30,000,000 on May 20, 2014. The initial conversion price will be HKD 0.4 per share and the bonds will mature after 12 months from the date of issue. The conversion will result into a a maximum number of 75,000,000 shares representing 13.92% per stake in the company.

The bonds will carry 5% interest rate payable on maturity. The bonds shall not be redeemed at the option of the company during the six month period from the date of issue. The bonds will be issued in principal amount of any whole multiple of HKD 100,000.

The company will issue bonds under the General Mandate. The transaction will include participation from not less than six placees. VBG Capital Limited will act a placing agent to the company.

The company will pay a placing commission of 3.5% of the aggregate proceeds, financial advisory and document fee of HKD 300,000, and reasonable out-of-pocket expenses incurred by the agent in respect of the transaction up to the limit of HKD 1,000. The transaction will stand terminated if the precedent conditions are not met by June 6, 2014. The company will receive net proceeds of HKD 28,650,000.