hunan-nonferrous-raises-172-million-from-placement

Hunan Nonferrous raises $172 million from placement

The offering is priced at a tight 2.95% discount to the market and will help fund more acquisitions.
Hunan Nonferrous Metals was back in the market last night for its first follow-on capital raising exercise since the listing in March 2006 and, according to sources, the offering drew a quality group of investors, including some that had been holding the stock ever since it went public.

The integrated nonferrous metals producer, which sits on 15% of the worldÆs tungsten reserves and is also a leading producer of zinc, antimony and lead as well as compounds, alloys and value-added products derived from them, raised a total of HK$1.34 billion $172 million from the deal.

In accordance with Chinese regulations, however, 9.1% of the issue consisted of secondary shares offered by the National Social...
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