SILVER Grant Industries International has made a $62.14 million placement representing 20 per cent of its issued share capital. The shares are being placed with independent investors from the 68.36 per cent owned by Join Truth, a company 30 per cent backed by China National Nonferrous Metals Import and Export Corp, 50 per cent by Silver Grant International Finance and 20 per centby Oriental Pearl Holdings. Join Truth will then subscribe for a similar number of new shares. The deal will dilute Join Truth's stake to 56.96 per cent of Silver Grant's issued capital. Net proceeds of $61 million would be used to finance the company's investments in Hong Kong and China, said managing director Gao Jianmin.