North Mining Shares (HKG:0433) has agreed to issue 2.49 billion new shares to six individual investors at HK$0.03 apiece, raising about HK$74.7 million in net proceeds, a July 25 Hong Kong bourse filing said.

Shares of the company were up nearly 31% in Monday's recent trade.

The issue price represents a discount of about 16.7% to the five-day average and 16.2% to the last closing price.

The subscription shares represent 19.9% of the company's existing issued capital and 16.6% on an enlarged basis.

Proceeds will be used to repay bank loans and other borrowings as well as for general working capital.