General Announcement::Results of Right Issue

Leader Environmental Technologies Limited

利德环保技术有限公司

(Incorporated in the Republic of Singapore on 15 August 2006)

(Company Registration Number: 200611799H)

RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE

RESULTS OF RIGHTS ISSUE

Unless otherwise defined herein, all capitalised terms used herein shall bear the same meanings ascribed to them in the Company's offer information statement in relation to the Rights Issue (the "Offer Information Statement") lodged with the Monetary Authority of Singapore on 9 July 2021. Any reference to the time of day herein shall be a reference to Singapore time.

1. INTRODUCTION
   The board of directors (the "Director" or "Board") of Leader Environmental Technologies Limited (the "Company" and, together with its subsidiaries, the "Group") refers to the Company's announcements dated 26 April 2021, 3 May 2021, 24 June 2021, 29 June 2021, 9 July 2021, 13 July 2021 and 14 July 2021 in relation to the renounceable non-underwritten rights issue (the "Rights Issue") of up to 663,488,100 new ordinary shares in the capital of the Company (the "Rights Shares") at an issue price of S$0.10 for each Rights Share, on the basis of one (1) Rights Share for every two (2) existing ordinary shares in the capital of the Company.
2. RESULTS OF THE RIGHTS ISSUE OF RIGHTS SHARES

2.1 Level of Subscription

The Board wishes to announce that, based on the total issued share capital of the Company of 1,326,976,200 Shares (excluding treasury shares) as at the Record Date, a total of 663,488,100 Rights Shares were available for subscription under the Rights Issue. As at the close of the Rights Issue on 29 July 2021 (the "Closing Date"), valid acceptances and excess applications for a total of 207,902,160 Rights Shares, representing approximately 31.3% of the 663,488,100 Rights Shares available under the Rights Issue, were received. This includes acceptance by the Undertaking Shareholder for an aggregate of 104,926,500 Rights Shares pursuant to the Deed of Undertaking.

Details of the valid acceptances and excess applications received are as follows:-

		Number of Rights Shares	As a percentage of the total number
			of Rights Shares available for
			subscription under the Rights Issue
			(%)
Valid Acceptances	107,794,410	16.2
Excess Applications	100,107,750	15.1
Total
207,902,160	31.3

1. Allocation of Rights Shares for Excess Applications
   The provisional allotments of 555,693,690 Rights Shares which were not validly accepted or subscribed for by the Entitled Shareholders, their renouncees and/or Purchasers under the Rights Issue, will be allocated to satisfy the valid excess applications for the Rights Shares. In the allotment of excess Rights Shares, the Company has taken into consideration Rule 877(10) of the Listing Manual, which states that preference will be given to the rounding of odd lots (if any), and the Directors and substantial Shareholders who have control or influence over the Company in connection with the day-to-day affairs of the Company or the terms of the Rights Issue, or have representation (direct or through a nominee) on the Board will rank last in priority for the rounding of odd lots and allotment of excess Rights Shares.
2. Allotment of Rights Shares
   In the case of Entitled Depositors and Entitled Scripholders and their renounces (who have furnished valid Securities Account numbers in the relevant form(s) comprised in the PAL) with valid acceptances and/or (if applicable) successful applications for Excess Rights Shares, share certificate(s) representing such number of Rights Shares will be sent to CDP within ten (10) Market Days after the Closing Date and CDP will thereafter credit such number of Rights Shares to their relevant Securities Accounts. CDP will then send to the relevant subscribers, at their own risk, a notification letter stating the number of Rights Shares credited to their Securities Accounts.
   In the case of Entitled Scripholders and their renouncees with valid acceptances for the Rights Shares and/or (if applicable) successful applications of the Excess Rights Shares and who have, among others, failed to furnish or furnished incorrect or invalid Securities Account numbers in the relevant form comprised in the PAL, share certificate(s) representing such number of Rights Shares will be sent by ordinary post, at their own risk, to their mailing addresses in Singapore as maintained with the Share Registrar within ten (10) Market Days after the Closing Date.
3. Net Proceeds from the Rights Issue
   The Company has raised net proceeds of approximately S$20.5 million (after deducting estimated expenses of approximately S$0.30 million) from the Rights Issue ("Net Proceeds"). In line with the information disclosed in the Offer Information Statement, the Company intends to utilise the net proceeds from the Rights Issue in the following manner:-

Use of Net Proceeds	Amount
Business investments and acquisitions of	S$19.5 million
environmental related businesses, payments
of tender deposits, performance bonds and
other project related expenses in respect of
sludge treatment, industrial wastewater and
high-performance membrane production
projects
General working capital purposes (including	S$1.0 million
payments of professional fees and
compliance costs, payroll and other office
and related expenses)

Pending the deployment of the proceeds from the Rights Issue, the proceeds may be deposited with banks and/or financial institutions, invested in short-term money markets and/or marketable securities and/or used for any other purpose on a short-term basis as the Directors may, in their absolute discretion, deem fit in the interests of the Group.

3. REFUND FOR INVALID OR UNSUCCESSFUL ACCEPTANCES AND EXCESS APPLICATIONS

In the case of any acceptance of Rights Shares and/or (if applicable) application for Excess Rights Shares which is invalid or unsuccessful, or if an Entitled Shareholder applied for Excess Rights Shares but no Excess Rights Shares are allotted to that Entitled Shareholder, or if the number of Excess Rights Shares allotted to that Entitled Shareholder is less than the number applied for, the amount paid on acceptance and (if applicable) application, or the surplus application monies, as the case may be, will be refunded to the relevant Entitled Shareholder, Purchaser or their renouncee by the Company (in the case of Entitled Scripholders) or CDP (in the case of Entitled Depositors and Purchasers) on behalf of the Company without interest or any share of revenue or other benefit arising therefrom within fourteen (14) days after the Closing Date by any one or a combination of the following:-

1. in respect of Entitled Depositors, if they accept and/or (if applicable) apply by way of Electronic Application through an ATM of a Participating Bank or an Accepted Electronic
   Service, by crediting the applicants' bank accounts with the relevant bank, at their own risk, with the appropriate amount within three (3) business days after the commencement of trading of the Rights Shares, the receipt by such bank being a good discharge by the Company, the Manager and CDP of their obligations, if any;
2. in respect of Entitled Depositors, if they accept and (if applicable) apply through CDP, by crediting their designated bank accounts via CDP's DCS or in the case where refunds are to be made to Depository Agents, by means of telegraphic transfer. In the event that an applicant is not subscribed to the CDP's DCS, any monies to be returned or refunded will be retained by CDP and reflected under the Cash Transaction section of his CDP monthly account statement (such retention by CDP being good discharge of the Company's, the Manager's and CDP's obligations); or
3. in respect of Entitled Scripholders, by means of a crossed cheque drawn in Singapore currency on a bank in Singapore and sent to them at their mailing addresses as maintained with the Share Registrar by ordinary post at their own risk.

4. LISTING OF THE RIGHTS SHARES

The Company expects that 207,902,160 Rights Shares will be allotted and issued on or about 4 August 2021.

The 207,902,160 Rights Shares are expected to be listed and quoted on the Main Board of the SGX-ST on or about 6 August 2021, and trading of such Rights Shares will commence with effect from 9.00 a.m. on 6 August 2021. The Company will release an announcement to advise Shareholders on the date for the listing of and quotation for the Rights Shares on the SGX-ST in due course. The in-principle approval granted by the SGX-ST on 24 June 2021 is not to be taken as an indication of the merits of the Rights Issue, the Rights Shares, the Company, and/or its subsidiaries.

The Rights Shares will, upon allotment and issuance, rank pari passu in all respects with the then existing issued Shares, save for any dividends, rights, allotments, or other distributions, the record date for which falls before the date of issue of the Rights Shares.

Following the allotment and issuance of the Rights Shares, the number of issued Shares (excluding treasury Shares) has increased from 1,326,976,200 Shares to 1,534,878,360 Shares.

The Company wishes to take this opportunity to thank Shareholders for their support in ensuring the successful completion of the Rights Issue.

BY ORDER OF THE BOARD

LEADER ENVIRONMENTAL TECHNOLOGIES LIMITED

Dr Lin Yucheng

Executive Chairman and Chief Executive Officer

4 August 2021

IMPORTANT NOTICE

This announcement is for information only and does not constitute or form part of any offer or invitation to sell or issue or subscribe for, or any solicitation of any offer to acquire, any Rights Shares or to take up any entitlements to Rights Shares in any jurisdiction in which such an offer or solicitation is unlawful. No person should acquire any Rights Shares except on the basis of the information contained in an offer information statement lodged by the Company with the Monetary Authority of Singapore. The information contained in this announcement is not for release, publication or distribution to persons in the United States and should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of applicable securities laws or regulations. The issue, exercise or sale of Rights Shares and the acquisition or purchase of the Rights Shares are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions.

The distribution of this announcement into jurisdictions other than Singapore may be restricted by law. Persons into whose possession this announcement and such other documents come should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.

This announcement is not an offer for sale of securities in the United States or elsewhere. The provisional allotments of Rights Shares, the Rights Shares, the provisional allotment letters and/or the application forms for the Rights Shares and excess Rights Shares have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act. There will be no public offering of securities in the United States.