Financial Wire

Lingbao Gold to Raise HK$771 Million via Share Placement, Subscription

-- Lingbao Gold (HKG:3330) plans to raise about HK$770.6 million in net proceeds through a share placing and top-up subscription, according to a Tuesday Hong Kong bourse filing.

Jesi Industrial Development (Hong Kong) will place 29.8 million shares at HK$26.16 each to investors on a best-efforts basis.

The placing represents about 2.2% of the gold miner's existing issued share capital.

The placing price represents a discount of about 4.5% to the last closing price and about 6.8% to the five-day average price, the filing said.

Lingbao Gold will issue the same number of new shares to the seller under a top-up subscription at the same price.

Net proceeds will be used for overseas gold mining acquisitions, exploration, and expansion of mineral reserves, as well as working capital, the filing added.

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