CHK Oil (HKG:0632) raised HK$5.9 million by placing 15,426,000 shares to Mo Zhiqian and Lam Ho Yin at HK$0.385 apiece, a Wednesday bourse filing with the Hong Kong Exchange said.
The placed shares represent 1.80% of the enlarged issued share capital of the company.
Net proceeds, estimated to be at HK$5.5 million, will be used to fund the development, operation, and working capital needs of the company's oil fields in the US and to fund other business operations and general working capital of the group, the filing said.
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