Imperial Pacific seeks $100m to fund Saipan project

Imperial Pacific Holdings said it plans to raise net proceeds of about HK$774 million ($100 million) from the placing of new shares to finance development costs related to its integrated resort project on Saipan in the Commonwealth of Northern Mariana Islands.
The total development costs are currently estimated at about US$7.1 billion, the company said in a Hong Kong Stock Exchange filing.
The company will place 510 million new shares to no fewer than six investors at a price of HK$1.55 a share. That’s a discount of just over 7 percent to the closing price of HK$1.67 on the date of the agreement.
The proceeds will be used as general working capital of the group, including financing the relevant costs and expenses of the Saipan Integrated Resort Project, it said.