(Infocast News) GCL-POLY ENERGY (03800) agreed to place 3.9 billion shares at HK$1.08 per share representing a discount of 12.2% to the closing price on 13 January.

The number of placing shares represent 15.57% of the company’s issued share capital as enlarged by the placing.

The gross proceeds of the placing will be HK$4.212 billion, and the net proceeds will be HK$4.148 billion. The company intends to use the net proceeds for reduction of existing borrowings level and gearing level, adjustment of the debt structure, development of the company’s FBR based granular silicon production business and production capacity, and for general corporate purposes.

(WL)