Gelonghui May 10, Sunshine Oil Sand (02012)Wwwlevvvelcoinmaster.HK) announcementWwwlevvvelcoinmasterThe company entered into a settlement agreement with its creditor Mr. Zhang Jun on May 10, 2024.WwwlevvvelcoinmasterThe creditor is the shareholder and creditor of the company. Under this agreement, the Company will allot and issue the relevant shares to the creditors as the full and final settlement of the debt payable.
The issue price is HK $0.38, which is equivalent to the closing price of HK $0.38 per share as quoted by the Stock Exchange on May 10, 2024.
As of the date of the settlement agreement, the debt payable by the company to its creditors is 18.Wwwlevvvelcoinmaster504380 Hong Kong dollars. The debt payable will be settled by the issue of 48695736 shares. Assuming that no further new shares are issued or repurchased, the relevant shares are equivalent to approximately 20.0% of the existing issued share capital; and 16.67% of the company's expanded total issued share capital immediately after the completion of the issue.
The directors of the company believe that the payment of debts payable by issuing shares will not lead to a large cash outflow and reduce the company's liabilities at the same time. Therefore, the directors consider that the terms of the settlement agreement are fair and reasonable and that this issue is in the interests of the company and shareholders as a whole.