Mongolia Energy (00276) issues shares for $120M

(Infocast News) Mongolia Energy Corporation Limited (00276) announced that it agreed to place 150 million shares at a price of HK$0.8 each to raise HK$120 million. The net proceeds of HK$117.3 million are intended to be used for development of the Khushuut coking coal project and general working capital purposes of the Group.

The placing price represents a discount of 1.23% to the closing of HK$0.81 on the last trading day and the placing shares represent 2.22% of the enlarged issued share capital of the Company.

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