Empire Financial Group plans to raise HKD 18.1 million, which will be used for the development and investment of cryptocurrency asset licenses and Web 3 projects

ChainCatcher news, according to the Hong Kong Stock Exchange announcement, Empire Financial Group Limited (HK.8029) has signed a placement agreement with the placing agent, planning to place up to 46.68 million new shares at a price of HKD 0.388 per share, expecting to raise approximately HKD 18.1 million. If all placement shares are fully placed, the net amount is expected to be about HKD 17.6 million. The company plans to use the net proceeds for the following purposes: (i) approximately HKD 7 million for general working capital; (ii) approximately HKD 6 million for further development of financial services, including enhancing the existing SFC license related to cryptocurrency trading and management; (iii) approximately HKD 4.6 million for the development and investment in Web 3 business and projects.