Biolidics announced it has entered into a binding term sheet with Mr. Zhu Hua for the proposed subscription of 230,769,231 new ordinary shares in the company, at an issue price of $0.0065 per subscription share to raise gross proceeds of $1.5 million.
Zhu Hua is a citizen of the People’s Republic of China and is the managing director and owns approximately 99.9% of the issued and paid-up share capital of Beijing Zhenghe Antai Investment Management Co, an investment management company established in the PRC. Zhu has has worked in several equity investment fund companies and has about 20 years' experience in investment management. In particular, he has more than 10 years of investment experience in the internet, mobile internet and multi-channel network industry.
The amount raised is likely to be used to repay debt.
