OREANDA-NEWS.  April 24, 2013. The Directors announced that the Company entered into the Placing Agreement with the Placing Agent on 17 April 2013, pursuant to which the Placing Agent has conditionally agreed to place, on behalf of the Company, a maximum of 418,900,000 new Shares, on a best efforts basis, to at least six independent investors at a price of HKD0.122 per Placing Share.

The Placing Shares represent approximately 10% of the existing issued share capital of the Company and approximately 9.09% of the issued share capital of the Company as enlarged by the Placing.

The net proceeds of the Placing of approximately HKD 50,850,000 will be used as general working capital. Completion of the Placing is conditional upon, inter alia, the Listing Committee of the Stock Exchange granting the listing of, and permission to deal in the Placing Shares to be allotted and issued pursuant to the Placing.

Completion of the Placing is subject to the satisfaction of the conditions specified in the Placing Agreement. As the Placing may or may not proceed, Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares.