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Up Energy Development Group Ltd Announces Issues Of 848,895,627 Rights Shares


Thursday, 7 Feb 2013 06:15pm EST 

Up Energy Development Group Ltd announced that on January 08, 2013, the Board announced that the Company proposed to raise approximately HKD424 million, before expenses, by issuing 848,895,627 Rights Shares by way of a Rights Issue at the Subscription Price of HKD0.5 per Rights Share on the basis of one Rights Share for every two existing Shares held by the Qualifying Shareholders on the Record Date. The Rights Issue is not available to the Non-Qualifying Shareholders. The estimated net proceeds of the Rights Issue will be approximately HKD415.8 million. The Company plans to apply all the net proceeds from the Rights Issue towards capital expenditures of the existing projects, which include civil construction of underground mines and ground-level plants and procurement of coal washing, blending and coking equipment and facilities. The existing projects include the Xiaohuangshan Mine, the Shizhuanggou Mine and Quanshuigou Mine and the coal coking project, the coal washing project and the water recycling project (together, the Existing Projects). Approximately HKD86.7 million will be applied to Xiaohuangshan Mine, HKD182.4 million will be applied to the Shizhuanggou Mine and Quanshuigou Mine, HKD104.0 million will be applied to the coal coking project, HKD32.8 million will be applied to coal washing project and HKD9.9 million will be applied to water recycling project. The remaining, if any, is intended for general corporate use. 

Company Quote

0.67
0.03 +4.69%
3:59am EDT