Brief: China Billion Resources updates on capital reorganisation, settlement agreements

Renaissance Asia Silk Road

16/12/2015 12:33

Dec 16 (Reuters) - China Billion Resources Ltd  0274.HK : 
 * (1) proposed capital reorganisation (2) open offer on the basis on two offer shares for every one reorganised share held on the open offer record date (3) issue of settlement shares and settlement convertible bonds under debt settlem 
 * Says gross proceeds to be raised from the issue of the offer shares is expected to be approximately hk$157.1 million 
 * Says the company has entered into the share settlement agreements with the share settlement creditors 
 * Capital reorganisation will entail capital reduction, capital cancellation, share consolidation, increase in share capital 
 * Says nominal value of each issued share shall be reduced from hk$0.10 to hk$0.005 
 * Pursuant to deal co conditionally agreed to allot and issue, up to 9.69 million settlement shares 
 * Every two shares of hk$0.005 each will be consolidated into one reorganised share of hk$0.01 each 
 * Says entered into cb settlement agreements with the cb settlement creditors 
 * Pursuant to cb settlement agreement co agreed to issue convertible bonds in amount of hk$53.4 million 
 
 * Source text for Eikon  ID:nHKS1gRSRC  
 
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