DreamWorld (01119.HK) announced that it plans to place a maximum of 72.28 million shares at a placing price of $5.92 per share, approximately 9.34% discount from the closing price on Friday (26 March).

At the same time, the Company enters into subscription agreements with a number of major shareholders, including the issuance of approximately 13.1419 million shares to Chairman and CEO, Chen Xiangyu and Tencent Mobility, a subsidiary of Tencent (00700.HK). The Company issued approximately 65.709 million shares of Instant Sparkle held by related person Victor Lui at an offer price of $5.92 per share.

The Company expects net proceeds from the placing and subscription to approximately $427 million and $195 million respectively. The Company intends to use it for its general working capital, research and development of self-developed games, the expansion of offline stores and other investments in the future.