Gelonghui April 24, China Environmental Science and Technology (00646Crashbandicootn.HK) announcementCrashbandicootnOn April 24, 2024, the company I) entered into the subscription Agreement A with Mr. Wang Yushan, the subscriber, and ii) entered into the subscription Agreement B with the subscriber B. According to subscription Agreement A, subscriber A has conditionally agreed to subscribe and the Company has conditionally agreed to allot and issue a total of 4 million subscription shares at a subscription price of HK $0.500 per subscription share. The subscription share An accounts for approximately 1.79% of the existing issued share capital of the company as of the date of this announcement and approximately 1.59% of the issued share capital of the company after the subscription shares have been expanded.

According to subscription Agreement B, subscriber B Qifei Holdings Limited has conditionally agreed to subscribe and the Company has conditionally agreed to allot and issue a total of 25 million subscription shares at a subscription price of HK $0.500 per subscription share. The subscription shares B account for approximately 11.20% of the existing issued share capital of the company as of the date of this announcement and approximately 9.91% of the issued share capital of the company after the subscription shares have been expanded.

The subscription price of HK $0.500 per subscription share is equal to the par value of each share and represents a premium of about 180.90% over the closing price of HK $0.1780 per share quoted on the Stock Exchange on April 24.

The total net proceeds from the subscription is estimated to be about HK $14.45 million and the company intends to use the net proceeds from the subscription as its general working capital.