China Knowledge reported that Zhongjin Gold, China biggest publicly traded gold miner by market share plans to raise up to CNY 2.8 billion through a private placement to fund acquisitions of gold assets from parent.
The company said in a statement that it plans to issue up to 150 million shares at a price of not lower than CNY 27.35 apiece. Proceeds from the deal will be used to acquire a 60% stake in Songxian Jinniu Co the 100% stake in Hebei Dongliang Gold Mining Co and a 76% stake in Dexing Jinshan gold mine from the firm parent China National Gold Group Corp.

Proceeds will also be used to fund the expansion project at the Qianchang copper iron mine of Anhui Taiping Mining Co and to replenish working capital.

(Sourced from China Knowledge)