By Devika Patel
Knoxville, Tenn., June 14 - China Swine Genetics Inc. raised $2.42 million from a private placement of series B convertible preferred stock on June 11, according to an 8-K filed Monday with the Securities and Exchange Commission. It may sell another $3 million of the preferreds.
The company sold 11,523,809 preferreds. They have a 1 to 1 conversion ratio into common stock.
The investors also received series A warrants for 1,008,334 shares and series B warrants for 1,008,334 shares. The series A warrants are exercisable at $3.00 until June 10, 2013. The series B warrants are exercisable at $4.10 until June 10, 2013.
Global Arena Capital Corp. was the agent.
China Swine Genetics is a Brookline, Mass., holding company.
| Issuer: | China Swine Genetics Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $2.42 million
|
| Shares: | 11,523,809
|
| Conversion ratio: | 1 to 1
|
| Warrants: | Series A warrants for 1,008,334 shares and series B warrants for 1,008,334 shares
|
| Warrant expiration: | June 10, 2013
|
| Warrant strike price: | $3.00 for series A; $4.10 for series B
|
| Agent: | Global Arena Capital Corp.
|
| Settlement date: | June 11
|
| Stock symbol: | OTCBB: CSWG
|
| Stock price: | $5.25 at close June 11
|
| Market capitalization: | $107 million
|
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