Tibet Water Resources (HKG:1115) will issue convertible bonds to Wholeking Holdings for HK$138 million and an interest rate of 8% per annum, according to a Friday filing with the Hong Kong Stock Exchange.

The bonds are convertible into 400,000,000 shares at an initial conversion price of HK$0.345 apiece, the filing said.

The shares comprise 8.03% of the total shares of Tibet Water as enlarged by the issuance of the conversion shares, the filing said.