Mainboard-listed company Swing Media Technology Group says a group of investors has agreed to subscribe to 290 million new ordinary shares in the capital of Swing Media at the price of $0.0409 per share for an aggregate of $11,861,000.

Swing Media says the placement will result in an injection of funds into the company and will enable the Company to repay bank borrowings and increase its working capital in order to fund its existing business operations.

Says Matthew Hui, the Chief Executive Officer of Swing Media, “The Placement will further strengthen our financial position. We welcome these financially-astute investors who have demonstrated their confidence in our efforts, especially over the past two years, to improve our financial position.”

The company has steadily improved its financial position, reducing its net gearing from 0.55x as at 30 September 2009 to 0.28x as at 31 March 2010, and to 0.19x as at 30 September 2010.

Swing Media, which announced its purchase of the business and assets of Shanghai Hui Yang New Energy Technology Co., on Jan 5, is currently embarking on its next level of expansion — green energy.