According to Zhitong Finance App, Pilot Pharmaceutical Biotechnology (00399) announced that on March 28, 2024, the company entered into a placement agreement with the placement agent. The placement agent has agreed to act as the company's agent to wholeheartedly induce no less than six undertakers (whose ultimate beneficial owner should be an independent third party) to subscribe for up to 114 million shares at an placement price of HK$0.175 per share.

Assuming that there will be no change in the issued share capital of the company between the date of this announcement and the date of completion of the placement, a maximum of 114 million placed shares will account for about 6.21% of the issued share capital of the company expanded through allocation and issuance of all placed shares. The placement price of HK$0.175 per share is approximately 12.5% off the closing price of HK$0.20 per share as reported on the Stock Exchange on March 28.

Assuming that all of the placed shares were placed, the net proceeds are estimated to be approximately HK$18.204 million. The Company intends to use all of the net proceeds from the placement as the Group's general working capital.