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South Manganese Investment to Raise HK$304 Million via Placement; Shares Gain 5%

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South Manganese Investment (HKG:1091) plans to raise about HK$303.5 million in net proceeds through a placing of new shares, according to a Tuesday Hong Kong bourse filing.

The manganese producer will place up to 987.4 million new shares at HK$0.314 each, an 18.4% discount to the last closing price of HK$0.385.

The shares represent 20% of the company's existing issued share capital.

Net proceeds will be used mainly to repay bank and other borrowings, with about HK$288.4 million allocated for debt repayment and the remainder for working capital.

Shares of the firm were up 5% in Wednesday's morning trade.

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South Manganese Investment to Raise HK$304 Million via Placement; Shares Gain 5% | FINWIRES