Tech Pro Technology Development Limited (HKG:3823) announced that it agreed to place 140 million non-listed warrants at $0.05 each, or $7 million in total.

The exercise price of the warrant is HK$2.65 per share. If warrants are fully exercised, 140 million new shares will be issued and addition HK$371 million will be raised.

The aggregate of the placing price of warrant and the exercise price of is HK$2.70, representing a discount of 9.09% over the closing price on the last trading day.

It is expected the aggregated net proceeds from warrants issued of HK$6.8 million will be utilised as general working capital and as funds to reduce the liabilities of the Group. The net proceeded from the exercised of the warrant will be HK$371 million, which will be used for general working capital and reducing liabilities of the Group and as funds to finance any possible acquisitions of investments and/or assets if suitable opportunities arise.