EPI (HOLDINGS) (00689) plans to reduce about 5.56% of the maximum 1.047 billion new shares for the offer.The net proceeds are estimated to be approximately HKD 17.27 million.

EPI (HOLDINGS) (00689) announced on January 15, 2025, that the company has entered into a placing agreement with a placing agent, whereby the company conditionally agrees to issue up to a maximum of 1.047 billion new shares at a price of HK$0.017 per share to not less than six independent placing participants, based on best efforts. The placing price of HK$0.017 per share represents a discount of approximately 5.56% to the closing price of HK$0.018 per share reported by the Stock Exchange on January 15, 2025 (the date of the placing agreement). Assuming no changes in the company's issued share capital from the date of this announcement to the completion of the placing, the maximum number of placing shares will represent approximately 16.65% of the company's enlarged issued share capital after the placing. The net proceeds from the placing (after deducting placing commissions, professional fees, and all related expenses) are expected to be approximately HK$17.27 million. The company intends to use the net proceeds for (i) drilling new oil wells and conducting production enhancement projects in the oil fields located in Canada; and (ii) general working capital, as well as providing funds for any investment opportunities that the board of directors deems beneficial to the company from time to time.