Guangxi Huaxi Nonferrous Metals closes fundraising account, reallocates funds

Guangxi Huaxi Nonferrous Metals Company Limited announced the completion of the cancellation of one of its dedicated fundraising accounts, originally established to receive proceeds from a share issuance. The company raised a total of 599,999,987.13 yuan through the issuance of 40,187,541 A-shares at 14.93 yuan per share, resulting in net proceeds of 592,993,071.51 yuan after deducting issuance expenses. The account, held at the Agricultural Bank of China, Nanning Nanhu Branch, initially received 593,207,534.44 yuan on April 13, 2023.

The now-closed account had a remaining balance of 512,600 yuan, with 298,100 yuan allocated for intermediary fees and taxes, and 214,500 yuan for unused issuance expenses. These remaining funds have been transferred to a dedicated account held by Guangxi Huaxi Mining Industry Company Limited's Tongkeng Mining Division to support the Tin-Zinc Mining Resources Development Project in Nandan County, Guangxi.

This reallocation follows the completion of the "supplementing liquidity for Guangxi Huaxi Mining Industry Company Limited" and "payment of intermediary fees and related taxes" fundraising projects. The company has ceased the tripartite supervision agreement with its independent financial advisor and the Agricultural Bank of China, Nanning Nanhu Branch, for the closed account. Another account for Guangxi Huaxi Mining Industry Company Limited's Tongkeng Mining Division remains active.