Graphex Group (HKG:6128) raised HK$12.0 million in net proceeds from the placement of 185,480,000 shares to at least six places at HK$0.066 apiece, a Friday Hong Kong bourse filing said.

The placed shares represent about 15.81% of the enlarged issued share capital of the company.

The company plans to use the net proceeds for the development of graphene business, repayment of borrowings and general working capital of the group.