Value Convergence Holdings Limited (SEHK:821) announced that it has entered into a placing agreement on a best effort basis for the private placement of 3-year zero coupon unsecured non-redeemable convertible bonds for gross proceeds of up to HKD 52,000,000 on July 24, 2020. The transaction will include participation from not less than six new placees. The bonds will be issued at par. The convertible bonds shall not bear any interest and will mature on the third anniversary of the first issue date. The bonds will be convertible into a maximum number of 260,000,000 conversion shares at a fixed conversion price of HKD 0.2 per share, representing approximately 21.12% of the total number of the issued shares of the company and 17.44% of the total number of issued shares of the company as enlarged by the share capital. The net proceeds from the transaction will be HKD 50,200,000. The transaction is conditional upon fulfillment of certain conditions, including the company having obtained the approval of its shareholders at the extraordinary general meeting. The transaction will close no later than fifth business day after the satisfaction of all the conditions precedent to the agreement. The agent shall receive a placing commission of 3% of the amount equal to the principal amount of the bonds and a documentary fee of HKD 150,000. The bonds are transferrable. The long stop date is October 30, 2020. The extraordinary general meeting of the company will be held on September 17, 2020.