Hmvod Limited announced a private placement of up to 21,574,649 placing common shares at the placing price of HKD 1.08 per placing share for the gross proceeds of up to HKD 23,300,620.92 on a best effort basis on September 26, 2023. The transaction will include participation from not less than 6 independent professional, institutional or other investors. The transaction has been approved at the annual general meeting of the shareholders of the company.

Completion is conditional on the Stock Exchange granting or agreeing to grant the listing of and permission to deal in the placing shares and the obligations of the placing agent under this placing agreement becoming unconditional and not being terminated in accordance with the terms of placing agreement. Completion shall take place within five business days after the fulfilment of the conditions. Upon completion, a placing commission of 1.25% of the aggregate amount equal to the placing price multiplied by the actual number of the placing shares being placed by the placing agent is payable to the placing agent.

Assuming all the placing shares have been placed, the maximum commission payable by the company to the placing agent shall be approximately HKD 291,000 and the net proceeds after deduction of placing commission and other fees, costs, charges and expenses of placing will be approximately HKD 23,010,000. The placees are subject to certain lock up period in respect of the placing shares. Each of the placees has agreed that it will not, whether directly or indirectly in any time during the period of 24 months from and including the date of completion, dispose of any of the placing shares they have purchased pursuant to the placing agreement.