Wanguo Gold Group to Raise HK$1.38 Billion via Share Placement; Shares Jump 5%

MT Newswires Live09-23

Wanguo Gold Group (HKG:3939) agreed to allot and issue 165,600,000 shares, about 20% of the existing and 15.28% of the enlarged total number of issued shares, to Zijin Mining's subsidiary Gold Mountains (H.K.) International Mining.

Under the subscription agreement, the shares will be issued for HK$1.38 billion at HK$8.33 per share, a Monday filing with the Hong Kong Exchange said.

The company will raise net proceeds of HK$1.38, about HK$300,000 less than the gross proceeds, and plans to use half on the exploration and development of the Gold Ridge Mine and the remaining half for its general working capital.

The mining and ore processing company's shares were up nearly 5% in recent trade.

Price (HKD): $9.71, Change: $+0.46, Percent Change: +4.97%

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment