Amax to raise $1.95m through share placement, third this year

Amax International said it plans to raise HK$15.19 million ($1.95 million) net through a share placement to raise funds for working capital and investment.

The equity fund raising exercise is the company’s third so far this year.

Amax will place 24 million shares with no less than six placees at HK$0.64 a share, which is a discount of almost 19 percent to the closing stock price on Monday.

The stock represents about 7.9 percent of the company’s outstanding capital, it said in a filing with the Hong Kong Stock Exchange.

The company raised $7.98 million in March and tapped shareholders for a further $15.74 million in September.

Amax International is a gaming company investor and holder of an almost 30 percent stake in the Greek Mythology Casino in Macau.