REXLot Holdings Limited (SEHK:555) announced that it has entered into subscription agreement for private placement of 3% convertible bonds due 2022 for gross proceeds of HKD 348,000,000 on April 7, 2017. The bonds will be subscribed by Keen Start Limited, indirectly held by Victor Chan How Chung, director of the company. The bonds bear interest at the rate of 3% per annum payable semi-annually in arrears on the month and date falling 6 months after the closing date and the month and date falling 12 months after the closing date in each calendar year. The convertible bonds are and will be issued in registered form, in denominations of HKD 2,000,000 each. The bonds will mature after five years from the closing date of the transaction and are redeemable and freely transferable in nature. The bonds are convertible into common shares at HKD 0.145 per share into maximum of 2,400,000,000 shares. The transaction is expected to be completed by May 31, 2017.