BRIEF: CMGE raises $3.8 million in share placement at 6% discount

Game operator CMGE Technology Group announced on Tuesday that it has agreed to sell approximately 123 million new shares to three investors at a price of HK$0.244 per share, representing a discount of about 6.15% to the previous day's closing price. This transaction will raise a net proceeds of HK$29.5 million (approximately US$3.77 million). The three investors are Secure Precision owned by Yang Mei, Tanwan Games, and Shengqu Technology Korean under CENTURY HUATONG. After completion, the new shares will account for approximately 3.93% of the company's enlarged share capital. CMGE stated that it will use the funds to support its game publishing business, including enhancing the operation and marketing of IP games