PVTIME - Yesterday, GCL-Poly Energy Holdings Limited (HK 03800) announced the placement of shares equivalent to approximately 18.44% of the company’s existing issued share capital; and approximately 15.57% of the enlarged company’s issued share capital.
The issue price of HK 1.08 per share is approximately 12% lower than Wednesday’s closing price of HK 1.23 per share. The company intends to use the net proceeds from the placement to reduce debt financing levels and debt ratios, adjust the debt structure, develop the company's fluidized bed reactor (FBR) based granular silicon production business and production capacity, and for general corporate purposes.
In terms of granular silicon production capacity, GCL-Poly reached 10,000 tonnes by the end of 2020 and will achieve mass production of 30,000 tonnes by the end of the third quarter of 2021. In the first half of 2022, all 54,000 tonnes will be fully produced. At the same time, the company is making every effort to accelerate the construction of its 100,000 tonne granular silicon production base in Leshan, Sichuan.