Industrial-materials trader Chinney Alliance Group has finalised a $120 million share placement. The company requested trading in its shares be suspended yesterday pending an announcement on the deal. Market sources said the company planned to issue about 400 million new shares to an investor at 30 cents a share. The company had been rumoured to be planning a share placement for the past 10 days. Completing the fund-raising exercise was subject to shareholders' approval, the sources said. Under a shareholders' mandate, the company could increase its share capital through new share issues by a combined maximum of 20 per cent in one year. The latest share issue would exceed that limit, said the sources. Chinney had issued new shares equivalent to about 18 per cent of its enlarged share capital in two placements in the past four months, they said. Chinney, controlled by investment holding company Chinney Investments, has seen its shares soar 84.46 per cent during the past 10 trading days. The new issue price represents a 21.05 per cent discount to Friday's closing of 38 cents. Meanwhile, property and securities investor Grand Orient Holdings plans to raise $60 million via a top-up share placement. Shareholders placed 300 million existing shares to institutional investors at 20 cents each, then subscribed to the same number of new shares at the same price. The shares were sold at a 2.43 per cent discount to Friday's close of 20.5 cents.