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2003-11-7 10:21:00 a.m. HKT, XFNA
HK's eForce to raise 25.90 mln hkd through warrant placement
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HONG KONG (AFX-ASIA) - eForce Holdings Ltd (943.HK) said it will raise 25.
90 mln hkd through a placement of 370 mln warrants.
Each of the warrants can be converted into a new share in the company at
0.28 hkd within one year before it expires.
Full conversion of the warrants will see the company issue 370 mln new
shares or 16.06 pct if its enlarged capital, raising an additional 103.60 mln
hkd.
Majority shareholder Tees Corp will see its interest in the company
diluted to 40.11 pct from 47.78 pct on full conversion of the warrants.
The company will use the net proceeds of 24.4 mln hkd as general working
capital.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/mh
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