Rare Earth Magnesium Updates on Proceeds Usage

Rare Earth Magnesium Technology Group Holdings Ltd. (HK:0601) has released an update.

Rare Earth Magnesium Technology Group Holdings Limited has announced an update on the allocation of the HK$14.4 million net proceeds from its recent Rights Issue. The funds are earmarked for administrative expenses and growth of their magnesium business, with half already utilized for operating costs and the remaining expected to be deployed by June 2024. The company assures no change in the planned use of the proceeds and promises timely announcements if any material changes occur.

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