IRC (01029) has announced that the company intends to issue up to approximately 639 million shares in a rights offering on a non-underwritten basis, based on a “2 for 1” ratio. Each rights share will be priced at HK$0.51, representing a discount of around 16.39% compared to the closing price of HK$0.610 per share on the last trading day on the Hong Kong Stock Exchange. This rights issue aims to raise up to approximately HK$326 million.

It is estimated that the net proceeds from the rights issue will be approximately HK$324 million, with 68% allocated to repay the principal of loans payable to MIC, 22% to fund K&S's mining operations, and 10% to supplement general working capital.