IRC (HKG:1029) said it raised HK$326 million via a previously announced 1-for-2 rights offering, according to a Hong Kong bourse filing Thursday.

Shares of the iron ore miner gained over 7% in morning trade Friday.

The firm sold nearly 639 million shares priced at HK$0.51 each to raise funds to repay its debts.

Of the total, over 466.6 million shares were subscribed by the company's shareholders, while shares of about 172.4 million were taken up by the placement's underwriter.