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China Silver (0815) said it plans to raise about HK$464 million through a discounted share placement to fund exploration and development work at its mining assets in Tibet.
The company said it will place 910 million new shares, representing about 23.1 percent of its enlarged share capital, at 51 HK cents each — a 17.7 percent discount to its closing price on Friday. Net proceeds are expected to be approximately HK$463 million.
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China Silver said around 40 percent of the funds will be used to meet its expected capital expenditure for its 20 percent stake in the Shigatse Mine. Another 40 percent will be reserved to provide additional financing to the Shigatse Mine, while the remaining 20 percent will be used for general working capital.
