Business
Majestic Announces Listing of Subsidiary Persistence Resources on HKEX
(TheNewswire) Vancouver, British Columbia – TheNewswire - December 21, 2023 ...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Announces Listing of Subsidiary Persistence Resources on HKEX \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n December 21, 2023 - Majestic Gold Corp.\n \n \n (“\n \n \n Majestic\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSXV:MJS\n \n \n )\n \n \n (\n \n \n FSE:A0BK1D)\n \n \n is\npleased to announce the successful listing of Majestic’s 70.5% owned\nsubsidiary, Persistence Resources Group Ltd. (“\n \n \n Persistence\n \n \n ”),\nbeing the third largest gold miner\n \n \n (1)\n \n \n in Shandong\nProvince, China, on the Main Board of The Stock Exchange of Hong Kong\nLimited (the \"HKEX\") under stock code 02489. Persistence\noffered 25% of its total issued and paid-up shares (“\n \n \n Shares\n \n \n ”) for\nsubscription by public in Hong Kong and international placing under\nthe global offering .\n \n \n \n \n The HKEX listing represents a significant milestone for\nPersistence’s entry into the Hong Kong capital market. Going\nforward, Persistence aims to capitalize on growth opportunities in the\ngold mining market leveraging Hong Kong’s international capital\nplatform and prestige associated with the HKEX listing. Persistence is\ncommitted to enhancing its technological and operational management\ncapabilities, to  strengthen its competitiveness in the market, and\naspiring to become a benchmark for gold companies in Yantai, Shandong\nProvince, ultimately rewarding its shareholders and investors.\n \n \n \n \n Persistence successfully conducted a global offering of\nthe Shares by way of issuing 500,000,000 shares at HK$0.55 (CAD\n$0.0943) per share, generating gross proceeds of HK$275 million\n(approximately CAD$47.2 million). After deducting the underwriting\nfees and other estimated expenses related to the global offering, net\nproceeds are approximately HK$217 million (approximately CAD$37.2\nmillion).\n \n \n \n \n The allocation of net proceeds by Persistence will be\nas follows: 55.0% will be allocated to acquisition of gold mining\nassets, 20.4% towards its mine optimization plan; and 12.6%, 10.0%,\nand 2.0% for the repayment of existing bank loan guarantees, working\ncapital, and additional exploration activities to upgrade gol...