Mount Everest Gold Plans Nearly HK$443 Million Raise via Subscription Offering; Shares Fall 3%
Mount Everest Gold Group (HKG:1815) will raise HK$442.7 million in net proceeds via a subscription share offering, according to a Tuesday bourse filing.The precious metals and jewelry trading firm will issue 277 million new shares at HK$1.60 apiece, reflecting a 16.84% discount to the stock's closing price on Monday. The proceeds are to be mainly used for the company's gold bar business. Following the transaction, Mount Everest Gold's total number of issued shares will jump to 1.69 billion, from 1.41 billion.The offering will dilute China Silver's stake in the company down to 29.57% from 35.37%, no longer making it a controlling shareholder. However, they will continue to remain as a top shareholder.Shares were last down 3% in recent trade.
