Graphex Group (HKG:6128) raised net proceeds of HK$115.7 million from its rights issue, according to a Wednesday Hong Kong bourse disclosure.

The graphite company received 11 applications for 64,826,370 rights shares, representing 9.2% of the total number of rights shares allocated for the deal, leaving 639,457,686 shares as unsubscribed.

Of this, 639,400,000 shares were placed to 20 investors at HK$0.17 apiece.

Dealings in the fully-paid rights shares are expected to begin May 23.

The firm will use proceeds from the issue for the implementation of a phase 2 project in China, repayment of loans and interests, and general working capital.