HK Stock Market Move | EVEREST GOLD (01815) falls over 8% again, plans share placement to raise over HK$400 million to expand gold bar business; China Silver no longer the controlling shareholder.

EVEREST GOLD (01815) fell more than 8% again. As of press time, it was down 7.63% at HK$1.635, with a turnover of HK$11.3578 million. On the news front, EVEREST GOLD recently announced a proposed placement of 277 million shares, raising net proceeds of approximately HK$443 million. The company intends to use about 90% as working capital for its gold bar business and about 10% as general working capital for the group. It is worth noting that China Silver's (00815) shareholding in the company will be diluted from approximately 35.37% to approximately 29.57%, and it will no longer be the company's controlling shareholder, though it will remain the single largest shareholder; its non-competition undertaking given in respect of the company's listing will terminate in accordance with its terms.