CROSSTEC (03893) plans to offer a discount of approximately 10.31% for the maximum of 31.104 million shares for sale. The net proceeds are expected to be around 6.01 million Hong Kong dollars.

CROSSTEC (03893) announced that on February 7, 2025, the company entered into a placing agreement with the placing agent. According to this agreement, the placing agent conditionally agreed to use its best efforts to procure not less than 60 individual placees (who are independent third parties) to subscribe for up to a maximum of 31.104 million shares of the company at a placing price of HK $0.20 per share. The placing shares will be issued and allotted under the general mandate. Assuming that there is no change in the issued share capital of the company from the date of this announcement to the completion date, the maximum number of placing shares under the placing arrangement is 31.104 million shares, representing approximately 16.67% of the enlarged issued share capital of the company after the full issue and allotment of the placing shares as of the date of this announcement. The placing price of HK$0.20 per share represents a discount of approximately 10.31% to the closing price of HK$0.223 per share on the Stock Exchange of Hong Kong on February 7, 2025. Assuming all placing shares are fully placed, the net proceeds from the placing arrangement (after deducting placing commissions and other expenses) will be approximately HK$6.01 million, equivalent to a net placing price of approximately HK$0.193 per share. The directors propose to use HK$3 million of the net proceeds to pay for subcontracting fees for the interior solution projects, and the remaining HK$3.01 million of the net proceeds will be used for the group's general working capital.