MiLOC Group Limited - PLACING AND UPDATE ON DISTRIBUTER DISPUTE
03/12/2021 11:11
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RNS Number : 5350U MiLOC Group Limited 03 December 2021
3 December 2021
MiLOC GROUP LIMITED
("MiLOC" or "the Company")
PLACING AND UPDATE ON DISTRIBUTER DISPUTE
The Company is pleased to announce that it has raised a total of HKD250,000
(equivalent to GBP23,165 through the issue of 81,282 new Ordinary Shares of
US$0.001 each in the Company ("Ordinary Shares") at a price of 28.5p per share
to an individual shareholder. The Company has also agreed to issue a further
9,463 Ordinary Shares to a consultant as commission in respect of fundraising
commission. Application has been made for the Ordinary Shares to be admitted
to trading on the AQSE Growth Market on or about 9 December 2021.
The Ordinary Shares, have been credited as fully paid and rank pari passu in
all respects with the existing Ordinary Shares of the Company. The placing
proceeds will be used for general working capital purposes.
The Company announces that, following the issue of Ordinary Shares referred to
above, in accordance with the Financial Conduct Authority's Disclosure and
Transparency Rules (the "Disclosure and Transparency Rules"), the total number
of Ordinary Shares in issue will be 85,590,187 with each share carrying the
right to one vote.
MiLOC does not hold any shares in Treasury.
The above figure of 85,590,187 may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the Company, under
the Disclosure and Transparency Rules.
The Company also announces, further to the announcement of 14 January 2021,
that its subsidiary, Star Collaboration (Guangzhou) Limited ("Star C") has
received the result from the Civil Judgement that is in Star C's favour
amounting to approximately £300,000 (equivalent to approximately
RMB2,500,000) outstanding debt from a distributor.
Further to the announcement of 30 April 2021, the Company further informs that
Star C has received the result from another Civil Judgement that Star C has to
return an amount of approximately GBP166,000 (equivalent to approximately
RMB1,500,000) to one of its distributors. The Company is currently appealing
the decision as it disagrees with the judgement. A further announcement will
be made in due course.
The directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:-
MiLOC
ONG Ban Poh Michael - Chief Executive Officer
Ronnie CHOI - Chief Financial Officer Tel: +852 2110 4221
AQSE Growth Market Corporate Adviser Tel: +44 (0) 20 7469 0930
PETERHOUSE CAPITAL LIMITED
Guy Miller
Mark Anwyl
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