iDreamSky Technology (HKG:1119) is looking to issue 100,252,800 shares to at least six investors at HK$0.72 apiece under a placement agreement, according to a Friday filing with the Hong Kong bourse.

The shares represent 5.67% of the enlarged share capital of the game developer, the filing said.

Net proceeds, expected at HK$70.2 million, will be used to develop its "Strinova" shooting game and pay for salaries of research and development personnel and technical and marketing expenses, the filing said.

Shares closed 8% lower on Friday.