IRC (01029) has announced a proposal to issue up to approximately 639 million shares under a non-underwritten offering basis at a "2 for 1" ratio. The offering price is set at HK$0.51 per share, representing a discount of about 16.39% compared to the closing price of HK$0.610 per share on the last trading day on the Hong Kong Stock Exchange. The company aims to raise up to approximately HK$326 million. It is estimated that the net proceeds from the offering will be around HK$324 million, with 68% allocated to fully repay the principal of loans due to MIC, 22% earmarked for K&S's mining operations, and 10% set aside for general working capital.