Tibet Water Resources Ltd entered into a subscription agreement to issue convertible bonds at principal amount of HKD 90,000,000 for gross proceeds HKD 90,000,000 on May 22, 2024. The transaction includes participation from new investor, Wholeking Holdings Limited. The bonds carry interest rate of 10% and matures on September 30, 2024.

The Bonds will be convertible into Shares at the initial Conversion Price of HKD 0.3 per Share but will be subject to adjustment in the manner provided in the Bond Documents. The initial Conversion Price of HKD 0.3 per Conversion Share represents a premium of approximately 9.09% over the closing price of the Shares of HKD 0.275 per Share as quoted on the Stock Exchange on the Last Trading Day, a premium of approximately 2.39% over the average closing price of the Shares of HKD 0.293 per Share for the last 5 consecutive Trading Days immediately prior to the Last Trading Day; and a premium of approximately 4.71% over the average closing price of the Shares of approximately HKD 0.287 per Share for the last 10 consecutive Trading Days immediately prior to the Last Trading Day.