Lingbao Gold Group Company (HKG:3330) plans to raise about HK$228.8 million through share placement of 43,500,000 to six placees, according to a Tuesday filing with the Hong Kong bourse.

The placement price per share is HK$5.38. Following completion, these shares will account for about 3.93% of the enlarged H Share capital and 3.38% of the total issued shares.

This placement aims to strengthen the company's financial position and support future growth initiatives.

The company's share prices were down by over 9% in recent trading.