China Environmental Resources (SGX:UIX, HKG:1130) completed the placing of 74.1 million shares to at least six investors at HK$0.468 apiece, raising net proceeds of HK$34 million, a Tuesday Hong Kong bourse filing said.

The metal recycling company will use proceeds from the issue to repay loans, develop its recycle and motorcycle accessories business, settle outstanding trade and other payables, and boost general working capital.