MMG (HKG:1208) announced plans to raise $500 million via a debt offering, according to a Hong Kong bourse filing Tuesday.
The mining company is looking to raise funds via the issue of zero-coupon convertible bonds due Oct. 8, 2030.
The bonds convert at an initial conversion price of HK$8.40 per share for a total of 463,113,095 shares.
The stocks represent around 3.81% of the company's issued share capital, and 3.67% on an enlarged basis.
Merrill Lynch (Asia Pacific) and CLSA are serving as managers for the bond offering.
Shares of the company rose 9% Tuesday morning in Hong Kong.