Western Materials announced that the company plans to issue shares to no more than 35 specific targets, raising no more than 1.19 billion yuan in capital. After deducting issuance fees, it is intended to be used for high-performance rare metal material production line technical improvement projects of 141 million yuan, industrialization of tungsten-molybdenum materials for high-end equipment, 137 million yuan for high-performance titanium and titanium alloy precision casting production line construction projects, 430 million yuan for cold-rolled precision foil strip production line construction projects and 365 million yuan in supplementary working capital. The issuance plan has been reviewed and approved by the board of directors, and procedures such as state-owned assets approval, shareholders' meeting review, Shenzhen Stock Exchange review, and registration approval by the China Securities Regulatory Commission are still required.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.