China Silver Technology Holdings (HKG:0515) raised HK$16.1 million by issuing convertible bonds to two independent third-party subscribers, a Tuesday Hong Kong bourse filing said.

The initial conversion price is HK$0.10 per share, which suggests that 160,659,678 new shares will be issued, representing 14.18% of the current share capital.

Net proceeds of HK$15.8 million will primarily repay borrowings and fund working capital.

Shares of the company closed over 3% higher on Tuesday.

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