JL Mag Rare-Earth (HKG:6680, SHE:300748) plans to raise HK$51.2 million in net proceeds through placement of 6,723,800 to at least six placees, according to a Friday filing with the Hong Kong bourse.

The estimated net placing price was HK$7.62 per share. The share issue will be about 0.490% of the company's issued share capital upon completion of the controlling shareholder subscription and the placing.

The net proceeds will be used to purchase raw materials, repay the Company's debts, and for other day-to-day uses.