BRIEF: Lopal Tech raises $15 million in share placement
Lithium iron phosphate battery cathode materials manufacturer Jiangsu Lopal Tech Co. Ltd. (2465.HK), said on Wednesday it will place 20 million new shares at a price of HK$6 apiece, raising HK$120 million（$15 million）.
The placement price represents an 8.95% discount to Lopal’s Wednesday close of HK$6.59 and a slight discount to its average closing price over the last five days. The new shares are equal to 16.67% of the company’s enlarged issued share capital.
Lopal said it will use the proceeds primarily to reduce debt and for working capital to meet future its development needs. The placement will also broaden the company’s shareholder base.
Shares of Lopal opened down 2.9% at HK$6.40 on Thursday and continued to fall during the day, and were down 5.6% at HK$6.22 in the afternoon. The stock is down 16% from its IPO price last October.
By Lau Chi Hang
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