TIMELESS (08028) subsidiary plans to offer 40,000 tokens for subscription, expecting to raise over 22.57 million Hong Kong dollars to develop the precious metals business.

TIMELESS(08028) announced on March 23, 2026 (after trading hours) that a subscription agreement was entered into with the placement agent Ed Securities Futures Limited and the Company's indirectly non-wholly owned subsidiary, Silver Age Limited. Pursuant to this agreement, the placement agent conditionally agrees to use its best efforts to place up to 40,000 tokens minted by Silver Age at a subscription price to be determined with reference to the prevailing LBMA silver price on the business day immediately preceding the completion date. Assuming all tokens are fully subscribed, based on the LBMA silver price on the business day immediately preceding this announcement, it is estimated that the net proceeds from the subscription would be approximately HK$22.579 million. The actual net proceeds will depend on the final subscription price determined upon completion, which may differ from the estimated amount. The Company intends to use the net proceeds from the subscription for working capital to sustain the development of its precious metals trading business. The original purchase cost of the physical silver assets corresponding to the subscription tokens is approximately HK$14.293 million. Based on the LBMA silver price on the business day immediately preceding this announcement, and assuming all tokens are fully subscribed, it is expected that the Company will realize an estimated profit of approximately HK$8.286 million from the subscription. This profit is calculated by reference to the difference between (i) the total consideration to be received from the subscription and (ii) the original purchase cost of the physical silver assets corresponding to the subscription tokens. The Company's actual profit will be subject to verification and will depend on the final subscription price determined upon completion, which may differ from the estimated amount. The Company believes that blockchain technology will revolutionize the global precious metals operation model. The subscription is an opportunity for the Group to digitalize and tokenize traditional precious metals trading, unlocking the potential of the precious metals market. The subscription will also enable the Group to utilize emerging blockchain technology to support its precious metals operations, enhancing its market influence and competitiveness.