It is reported that the shareholders of Zhongjin Gold Corporation approved the company's private placement plan.

The company filed on August 2010 that it plans to offer 150 million shares at not less than CNY 27.35 per share to fund the purchase of a 60% stake in Songxian Jinniu a 100% stake in Hebei Dongliang and a 100% stake in Jiangxi Jinshan from its parent, China National Gold Group Corporation.

Funds raised through the private placement will be used on upgrading work for a copper-iron mine in Anhui province.

(Sourced from yicai.com)