Tiangong International Company, Limited (SEHK:826) announced a private placement on best efforts basis of 40,000,000 pre-paid warrants at HKD 0.02 per warrant for gross proceeds of HKD 800,000 on January 17, 2014. The transaction will include participation from not less than six placees. The warrants will be exercisable at HKD 2.65 per share for a period of three years.

The company will receive net proceeds of HKD 500,000. The transaction is conditional upon the Listing Committee having granted listing of and permission to deal in the new Shares to be issued upon exercise of subscription rights attaching to the warrants and such permission and listing not subsequently being revoked or withdrawn prior to completion of the transaction. The transaction will stand terminated if the condition will not be met by February 17, 2014.

The transaction will take place pursuant to the General Mandate granted to the Directors by a resolution of the shareholders passed at the Annual General Meeting. President Securities (Hong Kong) Ltd. will act as a placing agent to the company. The company will pay placing commission of HKD 60,000.