China Baoli Technologies (HKG:0164) said it agreed to issue HK$8.3 million worth of shares to eight retail investors, according to a Tuesday filing with the Hong Kong bourse.
The dry grinding company's shares gained nearly 2% in morning trade on Wednesday.
The firm will issue a total of 19.77 million shares at HK$0.420 each to the subscribers.
The shares represent 5.66% of China Baoli's issued share capital as enlarged by the sale.
Net proceeds, estimated at HK$8 million, will be used for the company's dry grinding and dry beneficiation projects in Mongolia.
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