China Vanadium Titano-Magnetite Mining Co. and a shareholder plan to raise as much as HK$2.27 billion ($293 million) in a Hong Kong initial public offering, according to a sales document.

The company is selling 500 million new shares and shareholder Green Globe Investment Ltd. will sell 88.8 million existing shares at HK$3.12 to HK$3.86 apiece, according to the term sheet of the sale. About 29.4 percent of the company is on offer, the document said.

Vanadium Titano-Magnetite plans to fix the price of the shares on Sept. 30 and start trading Oct. 8, according to the document. Citigroup Inc. and Deutsche Bank AG are the sale arrangers.

The proceeds will be used to expand processing capacities for iron ore and titanium, as well as for the construction of titanium slag production lines, the sales document said.