Jinchuan Group International Resources' (HKG:2362) substantial shareholder, Jinchuan (BVI) 1, procured a placing agent to place 630 million shares in the company to at least six investors at HK$0.628 apiece, a Wednesday filing with the Hong Kong bourse said.

The shares represent around 4.8% of the mining company's enlarged issued share capital.

Conditional on the placement reaching completion, Jinchuan (BVI) 1 will subscribe for 630 million shares of the company at HK$0.628 per share.

The firm will use net proceeds of HK$389 million from the placing and subscription for general working capital.