News: A-Cap Resources substantial shareholder China Growth Minerals ups stake to 21.22%

A-Cap Resources (ASX:ACB) substantial shareholder China Growth Minerals Limited has increased its interest to 21.22% to 19.99%.

China Growth had acquired 8,785,715 shares for $483,214 through the company’s entitlement offer while its parent Ansheng Investment acquired 6,071,429 shares for $333,929.

This brings their total shareholding up to 66,857,144 shares.

The company had offered shareholders 1 new share for every 3.5 shares, or 81,824,282 shares to raise $4.48 million.

Shareholders had applied for 28,729,321 shares, while Ansheng will subscribe for the remaining shares as part of the underwriting agreement.

Funds from the offer and the earlier $1.32 million placement will enable critical path drilling, process design and environmental work at its Letlhakane Uranium Project in Botswana to commence immediately.