Grand Ocean Advanced Resources (HKG:0065) has raised net proceeds of about HK$13.5 million from a share placement, according to an Oct. 17 Hong Kong bourse filing.

Shares of the firm were up over 6% in Monday morning trade.

The company issued 40.92 million new shares at HK$0.335 each under a general mandate, representing about 20.0% of its pre-deal share capital and 16.7% of the enlarged base.

Grand Ocean said the net proceeds will be used mainly for working capital and project development, including about HK$3 million for exploration and professional fees in potential mining investments, and HK$10.5 million for corporate and operating expenses.

All placees are independent third parties, and none became a substantial shareholder following the placement.