Sanergy (HKG:2459) completed the sale of 80,000,000 shares to not less than six investors under a share placement deal, according to a Wednesday filing with the Hong Kong Exchange.
The shares were sold at HK$0.39 apiece.
Net proceeds, pegged at HK$30.7 million, will be used to develop the company's graphite electrodes business, including the purchase of graphite electrodes, and for working capital.
Shares closed 6% lower during Wednesday's trading.
Price (HKD): $0.38, Change: $-0.025, Percent Change: -6.17%
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