China Properties Investment (HKG:0736) has agreed to place 49 million new shares at HK$0.195 per share, or HK$9.555 million in total.

The company intends to use the net proceeds of HK$9.14 million for financing a proposed acquisition of oilfield in Nevada and general working capital after the completion of the acquisition, for financing any other acquisition opportunities identified, and for possible redemption of convertible bonds with outstanding principal amount of HK$15 million.

The placing price per share represents 15.22% discount over HK$0.23, the stock's closing price last Friday, and the placing shares represent 16.63% of the company's enlagred issued share capital.