North Mining Shares Company Limited (SEHK:433) announced that it has entered into subscription agreements for a private placement of convertible notes in the aggregate principal amount of HKD 748,713,993 on December 22, 2020. The transaction will include participation from new investors SFund International Holdings Limited (SEHK:1367) for convertible notes of principal amount HKD 319,520,548 convertible into up to 19,970,034,250 conversion shares at the initial conversion price of HKD 0.016 per share and Huatuan (Group) Limited for convertible notes of principal amount HKD 429,193,445 convertible into up to 26,824,590,312 conversion shares at the initial conversion price of HKD 0.016 per share. The notes bear a interest rate of 8% per annum payable on the maturity date which in two years from the date of issue.

The transaction is subject to approval in the shareholders general meeting of the company.