Ganfeng Lithium to raise HK$1.4b in share placements

Finance | 16 Sep 2020 3:01 pm

Ganfeng Lithium (1772) plans to raise HK$1.45 billion through a share placement, the company said today.

The Chinese lithium producer will sell 40.04 million H shares, or 20 percent of the total issued H shares, to at least six placees. The placing price is HK$36.35 apiece, a 9.13 percent discount against yesterday's closing price.

Ganfeng intends to use the net proceeds for capacity expansion construction, research and development expenses, existing debt repayment, potential investment, replenishment of working capital, and general corporate purposes.

Capacity expansion construction is mainly for the offshore lithium resources projects, it said. Potential investment of the lithium resources may include ores, brine, lithium clay, etc. The company plans to use the net proceeds in the following one to two years. Shares of Ganfeng gained by 2.75 percent as of 2:06 pm.

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