Gelonghui, January 5, 丨 Gaopeng Mining (02212.HK) issued an announcement. On January 5, 2024, the company signed a placement agreement with the placement agent. According to this, the company plans to place up to 176 million shares to be placed, which is equivalent to about 20.0% of the existing issued share capital; and expand the issued share capital by about 16.7% through allotments. The placement price of HK$0.205 is approximately 18.0% off the closing price of the shares at HK$0.25 per share on the date of the placement agreement.
The net proceeds from the placement are estimated to be approximately HK$35.2 million. The company plans to use the net proceeds from the placement to expand and develop the project facilities of the Yiduoyan Project and for the Group's general working capital.