Grand Ocean Advanced Resources Co. Ltd. has announced the successful completion of a private placement of 40,920,000 new shares under its general mandate. The shares were placed to not fewer than six independent investors at an adjusted price of HK$0.335 per share, raising gross proceeds of approximately HK$13.7 million. Net proceeds after expenses are estimated at about HK$13.5 million, with a net issue price of HK$0.329 per share. The newly issued shares represent about 16.67% of the company's enlarged share capital following the placement. The company plans to use the net proceeds from the placement for general working capital and future business development. None of the placees or their associates became substantial shareholders as a result of the transaction.