South Manganese Investment (HKG:1091) completed the placing of nearly 987.4 million shares to Hanbo Global to raise net proceeds of HK$303.5 million.
The shares, placed at HK$0.314 apiece, represent around 16.67% of the company's enlarged issued share capital, according to a Monday disclosure.
The manganese producer will use proceeds to repay interest and borrowings, as well as for general working capital.
Hanbo Global has become a substantial shareholder of the company.
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