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Add New Energy raising 42.8M yuan for working capital, investments

Hong Kong-listed Add New Energy Investment Holdings Group Ltd. said May 17 that it plans to undertake a best-efforts placement of up to 460 million shares to raise about 42.8 million Chinese yuan in gross proceeds.

The shares are priced at 9.3 fen apiece and represent about a 2.54% discount to the stock's May 17 closing price.

The group engages primarily in the exploration and development of iron ore and ilmenite, financing lease activities and wind power generation in China. It aims to use the proceeds for general working capital and for funding investment opportunities.

As of May 17, US$1 was equivalent to 6.37 Chinese yuan.