Wanguo International Completes HK$722 Million Share Sale to Victor Soar Investments

MT Newswires Live

09/04

Wanguo International Mining Group (HKG:3939) completed the sale of 22.5 million shares at HK$32.55 apiece to Victor Soar Investments, a substantial shareholder of the company, according to a Hong Kong bourse filing Wednesday.

Shares of the gold miner fell over 7% in late-morning trade Thursday.

The firm raised HK$721.8 million in net proceeds via the sale, which it previously said would be used to develop its Gold Ridge mine.

The sale was concurrent with Victor Soar Investments selling an equal number of existing shares to new investors, which also took place.

Meanwhile, Prominence Investment, which owned 3.71% of the business, lowered its stake by 0.69% via the sale of 7.5 million shares.

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