Milan Station (01150) announced today that on June 25, 2024 (after trading hours), the company entered into an allotment agreement with the placing agent. According to this agreement, the placing agent agrees to use its best efforts to allot no more than 176 million new shares to no less than six independent placees at a price of HK$0.08 per share. The allotment price represents a premium of about 2.5% over the closing price of HK$0.078 per share of the stock on the Hong Kong Stock Exchange as reported on the allotment agreement date. The maximum net proceeds from the allotment are expected to be approximately HK$13.7 million and are intended to be used as general working capital of the company.

The maximum number of allotted shares, up to 176 million, is equivalent to approximately 20% of the company's total issued share capital of 881 million shares as of the date of this announcement, as well as approximately 20% of the company's total issued share capital after the allotment. The maximum net proceeds from the allotment are expected to be approximately HK$13.7 million and are intended to be used as general working capital of the company.