New Concepts (HKG:2221) completed the issue of 221.5 million shares to four independent third parties at HK$0.10 apiece to raise net proceeds of a little over HK$22 million, according to a late Monday disclosure.

Shares of the environmental protection services company were down 2% in Tuesday afternoon trading.

The issued shares represent around 12.12% of the company's enlarged issued share capital.

The firm will use proceeds from the issue to repay overdue lease and outstanding bond payables, as well as for general working capital.