South Manganese Investment (HKG:1091) completed the sale of 822,830,160 shares at HK$0.224 apiece to raise HK$180.4 million in net proceeds, a Monday Hong Kong bourse filing said.

Shares of the manganese company fell over 1% in recent Tuesday trade.

The shares were sold to Honor Aim and represent around 16.67% of the manganese company's enlarged issued share capital.

The firm will use proceeds from the placement to repay bank borrowings.