Sanergy Group (HKG:2459) completed the placing of 228 million new shares under a general mandate, raising net proceeds of about HK$18.4 million, according to a Feb. 20 Hong Kong bourse filing.

The shares were placed at HK$0.083 each to at least six professional and institutional investors, representing about 11.8% of the enlarged issued share capital.

About half of the net proceeds will be used to develop the group's graphite electrodes business, including procurement of raw materials and operating costs, while the remainder will be used to replenish liquidity and for general corporate purposes.