Wanguo Gold Group (03939) plans to discount approximately 9.95% of the total issued 165.6 million shares, raising a net of 13.791 billion Hong Kong dollars.

The Golden Group of Nations (03939) announced that on September 22, 2024, the company entered into a subscription agreement with subscribing party Jinshan (Hong Kong) International Mining Limited. The subscribing party conditionally agreed to subscribe, while the company conditionally agreed to issue a total of 165.6 million shares at a subscription price of HK$8.33 per share. The subscription shares represent approximately 15.28% of the enlarged issued share capital of the company. The subscription price of HK$8.33 per share represents a discount of approximately 9.95% to the closing price of HK$9.25 per share on September 20, 2024. The total amount raised from the subscription is expected to be approximately HK$1.379 billion, with a net amount of approximately HK$1.379 billion after deducting all related expenses. According to the subscription agreement, 50% of the net proceeds will be used for the Solomon Islands' Gold Ridge mine exploration and development project, while the remaining 50% will be used for the company's general working capital. However, the company reserves the right to adjust the use of proceeds in accordance with applicable laws and regulations. It is reported that the subscribing party is a wholly-owned subsidiary of Zijin Mining Group, a company listed on the Shanghai Stock Exchange (601899, SH) and the Hong Kong Stock Exchange (02899). Zijin Mining Group is a large multinational mining group dedicated to the exploration and development of copper, gold, zinc, lithium, silver, molybdenum and other metal mineral resources worldwide. They specialize in mining engineering research, design, and applications to provide materials that improve living standards for a low-carbon future. Collaboration with Zijin Mining Group will not only provide funding to accelerate the development of the Golden Ridge project in the Solomon Islands, but also facilitate experience sharing and provide support in overseas mining technology and mining operations.