Persistence Resources (HKG:2489) placed a total of 400 million shares to at least six investors at HK$1.18 apiece to raise net proceeds of HK$466 million, a Tuesday filing with the Hong Kong bourse said.

The shares represent around 16.7% of the miner's issued share capital as of Tuesday.

The firm will use proceeds from the placement for potential gold mine project acquisitions, business expansion, and general working capital.