Zhong Fa Zhan Announces Further Progress Updates in Relation to the Suncool Subscription and the Investor Subscriptions

Oct 04, 2015 23:00 JST

Source: Zhong Fa Zhan Holdings Limited

HONG KONG, Oct 04, 2015 - (ACN Newswire) - Zhong Fa Zhan Holdings Limited ("Zhong Fa Zhan" / "ZFZ" or "the Group"; HK:0475) is pleased to announce the Suncool Subscription Completion is to took place on 2 October 2015. A total of 6,000,000 Suncool Subscription Shares and 24,000,000 Warrants were issued by the Group to Suncool AB on 2 October 2015 pursuant to the terms of the Suncool Subscription Agreement. In addition, completion of subscriptions in the aggregate amount of 27,000,000 Investor Subscription Shares shall take place on or before 31 October 2015.

The net proceeds from the issue of the Subscription Shares including the Suncool Subscription Shares, after deduction of related expenses payable by the Company, approximately 60% of the net proceeds is intended to be used for the development of the Solar Business in the PRC, in which, half of such proceeds will be used for the acquisition of equipment and the remaining portion will be used for the general working capital for the development of the Solar Business.

Mr. Wu Hao, Chairman of Zhong Fa Zhan, said, "The deal marked the first and important step in ZFZ's development into a new era of renewable energy and energy efficiency. We are looking forward to cooperate with Suncool AB, a Swedish governmental venture capital fund and leading investor in green technology in the near future. In view of the increasing support from the PRC government and the unique nature of the simultaneous productions of heat and cold of the CoolStore cooling-stored pipes, it is expected that solar energy would become more popular and thereby drive the local demand for the CoolStore cooling-stored pipes in the future and we believe that the development of the Solar Business in the PRC is in the interest of the Company and the Shareholders as a whole."

About Zhong Fa Zhan Holdings Ltd

Zhong Fa Zhan Holdings Ltd is a company listed on the main board of Hong Kong stock exchange since 2007. It is currently devoted in developing its business in the environmental protection and energy saving field. Engaging in this Solar Air Conditioning business signifies that ZFZ has taken a crucial step in tapping its green energy business development plan. www.475hk.com.

Contact:

Strategic Public Relations Group
Heidi So, +852 2864 4826, heidi.so@sprg.com.hk
Keris Leung, +852 2114 4916, keris.leung@sprg.com.hk
Samantha Yeung, +852 2864 4863, samantha.yeung@sprg.com.hk

Source: Zhong Fa Zhan Holdings Limited
Sectors: Daily Finance