SOUTH MANGANESE (01091) plans to discount about 18.44% to place up to 987 million shares, raising approximately HKD 303.5 million.

SOUTH MANGANESE (01091) announced that on August 18, 2026, the company intends to place a maximum of 987 million placement shares, which represents 20% of the total issued shares as of the date of this announcement; and the total number of issued shares after the placement will be approximately 16.67%. The placement price is HK$0.314 per share, which is a discount of approximately 18.44% compared to the closing price of HK$0.385 per share on August 18. Assuming all placement shares are successfully placed, the total proceeds from the placement are expected to be approximately HK$310 million, with the net proceeds anticipated to be about HK$303.5 million. The company intends to use the net proceeds from the placement as follows: approximately 95% for repaying the group's outstanding bank and other borrowings and interest; and approximately 5% for the group's general working capital.