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WANGUO GOLD GP Nets $1.38B From Share Placement to ZIJIN MINING's Subsidiary at 10% Discount
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WANGUO GOLD GP (03939.HK) announced that it has placed 166 million shares, accounting for around 15.28% of the enlarged share capital, with Gold Mountains (H.K.) International Mining, a wholly-owned subsidiary of ZIJIN MINING (02899.HK), at a price of $8.33 per share, marking a discount of around 9.95% to last Friday's (20th) closing price of $9.25. The company noted that the placing is expected to raise net proceeds of around $1.379 billion. Of which, 50% is intended to be used for funding the project concerning the exploration and development of the Gold Ridge Mine in the Solomon Islands, and the remaining 50% of the net proceeds will be used for general working capital of the company, provided that the company shall have the right to adjust the use of proceeds subject to applicable law and regulations. AAStocks Financial News |
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