Jinwu Financial News | Gaopeng Mining (02212) placed shares at a discounted price, but the stock price did not fall but rose. As of press release, it had risen 45% to HK$0.365. The stock had already increased 60% this month.
Gao Peng Mining announced that it will place up to 176 million shares, accounting for about 16.7% of the expanded share capital, with an placement price of HK$0.205 per share, a discount of about 18% from the closing price of HK$0.25 last Friday. The total proceeds were HK$35.99 million, with a net amount of about HK$35.2 million, to be used to expand and develop the project facilities of the Yiduoyan Project, and for general working capital.