China Silver Technology Holdings Limited announced that it has entered into a convertible bonds subscription agreement for a private placement of convertible bonds for gross proceeds of HKD 15,262,320 on February 15, 2023. The transaction will include participation from Union Insurance Limited and Wang Shuang for HKD 7,631,160 each. The bonds will carry fixed interest rate of 8% per annum.

The bondholder will have the right to convert the whole or part of the principal amount of the convertible bonds into conversion shares at the conversion price at any time during the conversion period provided that in exercising the conversion rights attaching to the convertible bonds. The initial conversion price of HKD 0.114 per conversion share. An aggregate of 133,880,000 conversion shares will be allotted and issued by the company upon the exercise in full of the conversion rights attaching to the convertible bonds.

The subscription agreements shall be subject to and conditional upon: (i) the company having obtained the approval from the Stock Exchange for the listing of, and permission to deal in, the conversion shares, and such approval not having been revoked or cancelled prior to completion; and (ii) all necessary consents, approvals, reports and filings (if applicable) in respect of the entering into and the performance of the subscription agreements by the company, whether required by government or regulatory authorities or other third parties having been obtained. The company will receive net proceeds of HKD 15,000,000.