Green Energy Group Limited (SEHK:979) announced a private placement of convertible bonds for gross proceeds of HKD 60,060,000 on April 1, 2015. The bonds have a principal value of HKD 60,060,000. The transaction will take place on best effort basis and will involve participation from not less than six placees.

The bonds will mature in 12 months from the date of issue. The bonds bear interest from at 8% per annum and is payable on the maturity date or the date on which the company exercises its right of redemption of the convertible bonds. The bonds are convertible into shares of the company at a conversion price of HKD 0.78 per share.

Upon conversion, the company will issue 77,000,000 shares which represent 11.47% of the enlarged issued share capital of the company. The company will raise net proceeds of HKD 58,430,000. The convertible bonds will be offered in principal amount of any whole multiple of HKD 39,000.

If the conditions to the transaction are not fulfilled on or before April 21, 2015, then the transaction can be terminated.