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| By way of placing 2,900,000,000 new shares at a price of HK$0.08 each |
HONG KONG, Sept 8, 2015 - (ACN Newswire) - North Mining Shares Company Limited ("North Mining" or the "Group", stock code: 433.HK), one of the top five molybdenum mining companies in mainland China, which focuses on mining operations - exploitation, exploration and trading of molybdenum resource, is pleased to announce the Group has successfully introduced Huarong as the second largest shareholder of the Group by entering into a placing agreement with Driven Innovation Limited, the Placee, a subsidiary of China Huarong International Holdings limited ("Huarong") pursuant to which the Group has conditionally agreed to allot and issue, and the Placee has conditionally agreed to subscribe for 2,900,000,000 Placing Shares at a price of HK$0.08 each. The proceeds from the Placing of about HK$232,000,000 are intended to be used as general working capital for the Group.
The Placing Shares represent (i) approximately 17.06% of the existing issued share capital of the Group of 17,002,616,709 Shares as at the date of this announcement; and (ii) approximately 14.57% of the Group's issued share capital of 19,902,616,709 Shares as enlarged by the Placing Shares. As at the date before completion of the Subscription, the Placee holds 128,000,000 shares, which accounts for approximately 0.75% of the total shares. After completion of the Subscription, the Placee will hold 3,028,000,000 shares, which accounts for approximately 15.21% of the total shares.
The Group considers Huarong as a subsidiary of China Huarong Asset Management Co., Limited which is one of the four largest financial asset management companies in China. Their subscription will, not only provide great support to the future growth of the Group, but also strengthen the Group's financial position, given their solid background and capital strength. On the other hand, the investment from Huarong is considered as the recognition and the vote of confidence and support towards the Group's future development.
An application has been made by the Group to the Stock Exchange for the resumption of training in the Shares on the Stock Exchange with effect from 9:00 a.m. on 9 September 2015.
Topic: Press release summary
Source: North Mining Shares Company Limited
Sectors: Metals & Mining, Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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