Zhitong Finance App News, Mythical World (00582) issued an announcement. On March 1, 2024, the company, the subscriber and the guarantor entered into a subscription agreement. The company conditionally agreed to allocate and issue, and the subscribers conditionally agreed to subscribe for a total of 845 million shares at the subscription price of HK$0.034 per share.

The number of 845 million subscribed shares accounted for about 16.67% of the company's issued share capital, which was expanded by allocating and issuing subscribed shares after completion (assuming no other change in the company's issued share capital from the date of this announcement to the date of completion). The subscription price of HK$0.034 per subscription share is approximately 19.0% off of the closing price of HK$0.042 per share as reported on the Stock Exchange on March 1.

After deducting related expenses and charges, the estimated net proceeds from the subscription are approximately HK$28.5 million. The Company intends to use the net proceeds of the subscription of approximately HK$14 million to upgrade, repair and maintain the existing buildings, equipment and facilities of Jeju Mythical World (a comprehensive leisure and entertainment resort on Jeju Island, South Korea owned and operated by the Group); approximately HK$10 million for interest expenses; approximately HK$4.5 million for sales and marketing promotion and advertising expenses; and the remaining amount (if any) for general working capital.

Furthermore, the company has applied for the resumption of stock trading on the Stock Exchange starting at 9:00 a.m. on March 5, 2024.