Innovative Pharmaceutical Biotech (HKG:0399) agreed to allot and issue 137.6 million shares to a third-party investor at HK$0.176 apiece to raise net proceeds of about HK$23.9 million, a Friday Hong Kong bourse filing said.
The shares represent around 7.02% of the pharmaceutical company's enlarged issued share capital.
The firm will use proceeds from the issue for general working capital.
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