[TechWeb] November 29th news, Dreamland announced that on November 28, 2021, the Company entered into subscription agreements with Brilliant Seed, Tencent and Instant Sparkle respectively, whereby Brilliant Seed, Tencent Mobility and Instant Sparkle subscribed for 13141892 shares, 13141892 shares and 6570946 shares of the Company respectively. The subscription shares account for about 2.50% of the existing issued share capital of the Company as at the date of this announcement; about 2.44% of the issued share capital of the Company as enlarged by the subscription; and the Company as enlarged by the placing and subscription.

The issued share capital of the company is about 2.31%. The net proceeds from the subscription are expected to be about HK $194.5 million.

Among them, Tencent Mobility refers to Tencent Mobility Limited, which is a wholly owned subsidiary of Tencent Co., Ltd.

Chuangmeng said that on November 26, the company entered into a placing agreement with the placing agent, under which the placing agent has agreed to act as the company's placing agent, prompting the Placees to purchase up to 72.28 million new shares at the placing price of HK $5.92 per placing share on a best-effort basis. The estimated net proceeds from the placing are expected to be about HK $427 million.

According to the announcement, the Company intends to use the estimated net proceeds from the placing and subscriptions for its general working capital, the research and development of games developed by the Company, the expansion of the Group's offline stores and other possible investments in the future.