Casino operator NagaCorp Ltd aims to raise at least $120 million in net proceeds through a placing and subscription agreement that will see 190,000,000 shares sold to no less than six parties in a bid to increase capital for its Naga 2 development in Phnom Penh, the company announced in a filing to the Hong Kong Stock Exchange yesterday.

The massive $369 million Naga 2 development is slated to be operational in 2017.

Some of the funds raised will be used “for general corporate purposes”, the filing said.