26th Mar 2018 17:08
LONDON (Alliance News) - Adamas Finance Asia Ltd said Monday that it has increased its shareholding in China-focused miner Hong Kong Mining Holdings Ltd to 84.81% from 79.26%.
The London quoted pan-Asian investment vehicle has issued 4.3 million new ordinary shares at USD1.20 per share in consideration for the acquisition of shares in the miner held by certain minority shareholders and the waiving of the repayment of certain loans to Hong Kong Mining by the vendors.
Hong Kong Mining is a natural resources company whose primary asset is a large dolomite magnesium limestone mine that has 113.4 million tonnes of ore reserve. The mine is located in the province of Shanxi, China, where the company is in the process of restarting operations.
Shares in Adamas Finance closed untraded at 64 US cents.
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