Okura (HKG:1655) will raise net proceeds of about HK$19 million through a share placement under its general mandate, according to a Nov. 7 Hong Kong bourse filing.

Shares of the firm jumped 59% in Monday morning trade.

The company will issue up to 120 million new shares at HK$0.18 each, representing a 14.7% premium to the last closing price and a 16.7% premium to the five-day average.

The new shares represent 20% of Okura's existing share capital and about 16.7% of its enlarged base upon completion.

Okura said the net proceeds will be used mainly for the purchase of pachinko and pachislot machines, renovation and marketing of pachinko halls, and general working capital, the filing said.