Chifeng Jilong Gold Mining (SHA:600988, HKG:6693) adjusted the subscription price for its proposed issuance of new Hong Kong shares under a specific mandate to HK$29.82 per share from HK$30.19, according to a Tuesday bourse filing.

Hong Kong-listed shares of the mining company were down over 6% in Wednesday's late morning trade.

The company said the aggregate subscription price was reduced to about HK$9.27 billion from about HK$9.39 billion because the proposed investment will be completed on or after the 2025 ex-dividend date of May 19.

Adjusted net proceeds from the proposed investment are estimated at HK$9.18 billion.

Chifeng said the proceeds will be used for overseas mine expansion and exploration, overseas mining asset acquisitions, and general corporate purposes.