China Environmental Resources (SGX:UIX, HKG:1130) agreed to place up to 64.1 million shares to at least six investors at HK$0.468 apiece to raise net proceeds of HK$29.4 million, a Tuesday Hong Kong bourse filing said.

The shares represent around 11.59% of the metal recycling company's enlarged issued share capital.

The firm will use proceeds from the issue for the repayment of loans, development of its recycling and motorcycle accessories wing, settlement of outstanding trade and other payables, and general working capital.