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FINWIRES

Lopal Tech Taps Equity Markets For Jintan Project Fund Raise

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Jiangsu Lopal Tech (SHA:603906, HKG:2465) said it was seeking to raise funds to advance its Jintan project via an equity offering, according to a Wednesday filing with the Hong Kong bourse.

The company is seeking investors for 15 million shares priced HK$13.09 apiece for net proceeds of HK$193.7 million.

The shares represent 12.50% and 1.93% of the company's issued H shares and total shares and 11.11% and 1.90% as enlarged by the offering, respectively.

The funds are earmarked for a high-tap density lithium iron phosphate production base in Jintan, Jiangsu. Funds will also be used to repay prior borrowings.

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