By Sheri Kasprzak
Atlanta, May 5 - American Dairy Inc. said it has closed a private placement for $3 million.
The company sold a convertible note to a single institutional investor.
The note bears interest at 6.5% annually, matures in one year and is convertible into common shares at $8.00 each.
Based in Los Angeles, American Dairy distributes milk- and soy-based products to the People's Republic of China. It plans to use the proceeds for working capital and for acquisitions.
| Issuer: | American Dairy Inc.
|
| Issue: | Convertible note
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| Amount: | $3 million
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| Maturity: | One year
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| Coupon: | 6.5%
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| Price: | Par
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| Yield: | 6.5%
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| Conversion price: | $8.00
|
| Warrants: | No
|
| Settlement date: | April 27
|
| Stock price: | $6.70 at close April 27
|
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