Boyaa Interactive International (HKG:0434) agreed to place up to 63.51 million new shares at HK$6.95 apiece under its general mandate, raising net proceeds of about HK$436 million, according to a Thursday Hong Kong bourse filing.

The placing shares represent around 8.93% of the company's existing issued share capital and 8.20% of the enlarged share base.

The placing price reflects nearly an 8.2% discount to the last close and a 13.5% discount to the five-day average.

Proceeds will be used mainly to fund Web3-related initiatives, including game development, infrastructure building, ecosystem expansion, project investments, and acquisitions, with about 10% earmarked for working capital.

Shares of the mobile game developer gained over 7% in Thursday's afternoon trade.