CMON (HKG:1792) agreed to place up to 10.3 million new shares at HK$0.80 each under its general mandate, raising about HK$7.9 million in net proceeds, according to a Monday Hong Kong bourse filing.

Shares of the ironboard games maker were up nearly 43% in Tuesday morning trade.

The shares will be placed with no fewer than six independent placees, the company said.

The placing price represents a discount of about 16.7% to the stock's last close and a discount of about 14% to the average closing price over the previous five trading days.

CMON said the net proceeds will be used for general working capital, including marketing and events, game development, and day-to-day operating expenses.