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Wulong Electric Vehicle (00729) announced that it would put 2.6 billion new shares to subscribers at a subscription price of 0.09 yuan per share, for a net amount of 233.8 million yuan .
The Shares in issue represented approximately 9.99% of the issued share capital of the Company after the expiry, being a discount of approximately 13.46% on the closing price of the shares on Friday, 27th ( 0.104).
The company said the net proceeds were used to support the development of the electric vehicle business, repay some of the debt and act as general working capital.
The subscriber is a wholly owned subsidiary of Jinzhengyuan Co., Ltd., which is mainly engaged in cultural media operations, research and management, economic information consulting and international trade.
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