Kingston Financial Group International (01468) completes the placement of 183 million shares, raising approximately HK$74.12 million net.

Kingway Financial International (01468) announced that all the preconditions stipulated in the placing agreement have been met, and the placing has been completed on September 23, 2024 in accordance with the terms and conditions of the placing agreement. A total of 183 million placing shares (representing approximately 16.67% of the issued share capital of the company as of the date of this announcement) have been successfully placed at a placing price of HK$0.41 per placing share to not less than six placees. The net proceeds from the placing, after deducting all related expenses, are approximately HK$74.12 million. As previously disclosed, the company intends to use approximately HK$14.82 million (approximately 20% of the net proceeds) to invest in green energy projects and provide financing for them; approximately HK$14.82 million (approximately 20% of the net proceeds) to provide financing for artificial intelligence projects; and approximately HK$44.48 million (approximately 60% of the net proceeds) to supplement the group's working capital.