Hubei Xingfa Chemicals Group Co LtdPlans 3 billion yuan private placement to fund mining projects and repay loans, with controlling shareholder participating.

Xingfa Group announced plans to issue shares to up to 35 specific investors, including controlling shareholder Yichang Xingfa, raising total proceeds of no more than 3 billion yuan. The funds will be used for the Qiaogou phosphate mine 2.8 million tonnes per year mining project, the Qiaogou phosphate mine 5 million tonnes per year beneficiation project phase one, and to repay bank loans. Yichang Xingfa intends to subscribe for shares in this offering with an amount of no less than 100 million yuan and no more than 200 million yuan.
Hubei Xingfa Chemicals Group Co LtdPlans 3 billion yuan private placement to fund mining projects and repay loans, with controlling shareholder participating.
Controlling shareholder Yichang Xingfa intends to subscribe 100-200 million yuan in the placement, showing support.