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Shanghai Refire Group to Issue Share Warrants to Australia's Macquarie Bank

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Shanghai Refire Group (HKG:2570) agreed to sell 10 million share warrants to Australia's Macquarie Bank, according to a Thursday filing with the Hong Kong bourse.

The hydrogen fuel cell systems maker's shares gained nearly 5% in morning trade Friday.

The warrants may be exercised for an equal number of Refire Group shares at 93% of the stock's volume-weighted average price on the trading day before exercise, subject to a floor of HK$27.29 per share.

Refire Group has the right to require Macquarie Bank to exercise at least 3 million warrants, provided it gives advance notice.

The warrant issue is subject to shareholder approval.

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