Rare Earth Magnesium Technology Group Holdings Limited (REMT) signed a placing agreement with Tiger Faith Securities Limited on 21 August 2026 to issue up to 96.00 million new shares at HK$0.05 per share. The transaction will be conducted on a best-efforts basis and offered to not fewer than six independent investors.
The proposed issuance equals 16.20% of the company’s current 592.60 million issued shares and 13.94% of the enlarged 688.60 million share base. The placement price represents a 19.35% discount to the 21 August closing price of HK$0.062 and an 18.57% discount to the five-day average closing price of HK$0.0614.
Gross proceeds are expected to reach HK$4.80 million, with net proceeds estimated at HK$4.50 million after a 3% placing commission and related expenses, implying a net issue price of approximately HK$0.047 per share.
Management intends to use the net proceeds as follows: 50% for audit and professional fees, 30% for staff costs, and 20% to settle trade and other payables.
The new shares will be issued under the existing general mandate, which authorises the board to allot up to 118.52 million shares; the placement will utilise 81.00% of that capacity. Listing approval from the Stock Exchange is the sole condition for completion, which must occur on or before 11 September 2026, failing which the agreement will lapse.
Post-placement, Ming Xin Developments Limited’s stake will fall from 40.00% to 34.43%, public shareholders will hold 51.63%, and the new placees will own 13.94%.
REMT cautions shareholders and potential investors that completion remains conditional and may not proceed.