china-mining-raises-315-million-for-acquisitions

China Mining raises $315 million for acquisitions

The placement is upsized by 15% as a generous discount helps to attract strong demand.
China Mining Resources Group yesterday raised HK$2.45 billion $315 million from the sale of new shares, which will be used primarily to fund the acquisition of two new mines announced in mid-March.

The share sale, which accounted for 27.6% of the existing share capital and 21.7% of the enlarged company, was completed at a 10% discount to WednesdayÆs close after being offered in a range between 8.1% and 12.4%. The discount is fairly generous compared with other Hong Kong placements, but the relative size of the transaction, the ongoing MA story and the fact that China Mining is quite a volatile stock, may have justified the added incentive.

Demand was strong and the...
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