CGN Mining (01164.HK) announced plans to place 1 billion shares, accounting for 13.16% of the expanded share capital, at 0.8 yuan per share, about 18.37% discount from the closing price of last Friday (26 day). Involved 11 subscription holders, including China State-owned Enterprises Mixed Owners Reform Fund Limited subscribed for 759 million shares, accounting for 9.99% of the settlement share capital.
The Company said that net proceeds from the placing are estimated to be about $776 million, intended to be used as general working capital and for acquisition of uranium resources projects.