Tibet Water Resources (HKG:1115) has completed the placing of convertible bonds under its general mandate, raising net proceeds of about HK$295 million, according to an Oct. 17 Hong Kong bourse filing.

Shares of the firm were down over 2% in Monday afternoon trade.

The bonds, with an aggregate principal amount of HK$297 million, were fully placed to at least six independent investors. The company said none of the placees would become a substantial shareholder upon conversion.

About half of the net proceeds, or roughly HK$147.5 million, will be used to refinance existing bonds maturing in December, while the remaining will be allocated toward general working capital.

The company said working capital funds will cover inventory buildup, plant upgrades, winter maintenance, bond interest payments, and cash reserves.