New Concepts (HKG:2221) said it agreed to issue 221.5 million new shares at HK$0.10 apiece to raise HK$22 million in net proceeds, according to a Hong Kong bourse filing Tuesday.
Shares of the environmental protection services company jumped nearly 32% in recent trade on Wednesday.
The shares represent 13.79% of the company's existing issued share capital and 12.12% on an enlarged basis, and will be issued to four retail investors.
Funds raised will be used for lease and bond payables, as well as working capital.
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