Polyard Petroleum International Group Limited (SEHK:8011) announced that it has entered into a memorandum of understanding with GuangDong Namyue Capital Investment Co., Ltd. for private placement of 2,000,000,000 common shares at a price of HKD 0.18 per share for gross proceeds of HKD 360,000,000 on January 3, 2020. The company will sign formal agreement within 30 days from the memorandum of understanding.