freespinmaster| Kantong Group plans to place 52.086 million placing shares at a discount of approximately 16.90% and raise a net amount of HK$14.8 million

Kantong Group (01059) issued an announcementfreespinmaster, on May 24, 2024, the company entered into a placing agreement with the placing agent, and the placing agent has agreed to use its best efforts, in accordance with the terms and conditions set out in the placing agreement, to pay the placing price of 0.00 per placing sharefreespinmaster.2950 HK$52.086 million placing shares to not less than six placees.

The placing price represents a discount of approximately 16.90% to the closing price of HK$0.3550 per share of the Shares as quoted on the Stock Exchange on May 24, 2024, the date of the placing agreement.

Assuming a maximum of 52.086 million placing shares are placed under the placing, the net proceeds that the company will receive (after deducting placing commissions and other fees and expenses) will be approximately HK$14.8 million. The company intends to use the net proceeds as general working capital of the group and to enable the group to seize potential investment opportunities.