Cornerstone Technologies Holdings Limited announced that it expects to receive HKD 90 million in funding from Seed Lock Limited, Steady Flake Limited

Cornerstone Technologies Holdings Limited announced that it will issue 180,000,000 warrants at a price of HKD 0.50 per warrant for gross proceeds of HKD 90,000,000 on March 30, 2022. The company will issue 153,000,000 warrants to Steady Flake Limited for 19.42% stake and 27,000,000 warrants to Seed Lock Limited for 3.43% stake in the transaction. Each warrant is exercisable within sixty months from the date of issuance to purchase one common share, at an initial warrant subscription price of HKD 0.50.

The company will issue the warrants in multiple tranches 120,000,000 in first tranche and 33,000,000 in second tranche to Steady Flake Limited. The transaction is subject to approval from the shareholders of the company.