According to Zhitong Finance App, Pacific Legend (08547) announced that on March 4, 2024, the company entered into a placement agreement with the placement agent. The company has already agreed to place a maximum of 15.516 million placed shares to no less than six undertakers (they and their ultimate beneficial owners must be independent third parties) through the placement agent at a price of HK$0.21 per share.

The placement price was HK$0.21 per share, a discount of approximately 0.94% from the closing price of HK$0.212 per share reported on the Stock Exchange on the last trading day. The maximum number of shares placed accounted for about 7.30% of the company's current issued share capital at the date of this announcement; and approximately 6.8% of the company's issued share capital after allotting and issuing the expanded placement shares (assuming that there is no change in the company's issued share capital from the date of this announcement until the completion of the placement).

Assuming that all of the 15.516 million shares placed are fully subscribed, the total proceeds from the placement will be approximately HK$3.26 million after the placement is completed, and the total net proceeds are estimated to be approximately HK$3.18 million, which is equivalent to a net issue price of approximately HK$0.205 per placed share. The directors intend to use the estimated net proceeds for possible mergers and acquisitions and the general working capital of the Group.