Rare Earth Magnesium Technology Group Holdings announces up to US$580.2K placing

What's the deal? Rare Earth Magnesium Technology Group HoldingsDealroom has a profile for this one. Try Dealroom → (Hong Kong stock code 601) entered into a best-efforts placing agreement on 21 August 2026 to issue up to 96 million new shares at US$0.01 each, a discount of about 19.35% to the closing price on the agreement date. If fully placed, the issue would generate gross proceeds of about US$580.2K and net proceeds of about US$544K.

Use of proceeds. The company plans to use the net proceeds for audit and professional fees (50%), staff costs (30%), and settlement of trade and other payables (20%). Completion is conditional on the Hong Kong Stock Exchange granting listing approval for the placing shares; the announcement does not state that the funds have been raised.

Read more: Minichart · Hong Kong Exchanges and Clearing