Hong Kong-listed China Mining Resources said it plans to raise up to HK$1.7 billion through a private placement, selling 1.136 billion new shares to fund the acquisition of a metal processor.

The new shares, amounting to 19.39 percent of the enlarged share capital, will be priced at not less than HK$1.73 apiece to professional and institutional investors.

Morgan Stanley is the financial adviser. Proceeds from the share sale will be used to finance the acquisition of a 75.08 percent stake in Harbin Songjiang Copper (Group), for which the consideration will be 1.8 billion yuan.

(For more biz stories, please visit Industry Updates)