HK Stock Market Move | EVEREST GOLD (01815) drops over 4%, plans share placement at nearly 18% discount to raise net HK$440 million; China Silver ceases to be controlling shareholder.

EVEREST GOLD (01815) dropped over 4%, down 4.62% as of press time, at HK$1.86, with a turnover of HK$11.0113 million. On the news front, EVEREST GOLD announced this morning that it will issue a total of 277 million shares, or 16.38% of the enlarged share capital, to 6 subscribers at a placement price of HK$1.60 per share, a 17.95% discount to the closing price of HK$1.95 on September 21, raising gross proceeds of approximately HK$443.2 million. Upon completion, China Silver's interest in the company will be diluted from approximately 35.37% to approximately 29.57%, and for the purposes of the Listing Rules, China Silver will cease to be the controlling shareholder of the company but will remain the single largest shareholder. Accordingly, the non-competition undertaking given by China Silver in favor of the company in connection with its listing will terminate in accordance with its terms.