Dawson James is placement agent; units will be immediately separable
By Susanna Moon
Chicago, Feb. 4 – China Ceramics Co., Ltd. registered to sell up to 1,428,571 common shares along with a maximum amount of warrants in a 424B5 filing with the Securities and Exchange Commission. Later that same day, the company priced the offering for $900,000.
The units will include 1,428,571 class A warrants for one common share and 1,428,571 class B warrants for one share. The company plans to sell units of one share, one class A warrant and one class B warrant, which are immediately separable and to be issued separately, the filing noted.
The class A warrants are exercisable at $0.63 per share, which reflects a 25.88% discount to the company’s closing price on Feb. 3 and will terminate six months after issue. The class B warrants are exercisable at $0.78 per share, which is an 8.24% discount and will expire in five years.
The company said it will enter into securities purchase agreements directly with investors, who will invest at least $350,000 in the offering. The company will not enter into securities purchase agreements with all other investors, the filing added.
Proceeds will be used for funding the company’s inventory, distribution expenses, vendor obligations outside of the People’s Republic of China, as well as for general corporate and working capital purposes.
Dawson James Securities, Inc. is the placement agent.
China Ceramics is a manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings. The company is based in Quanzhou, China.
| Issuer: | China Ceramics Co., Ltd.
|
| Issue: | Units of one class A warrant and one class B warrant
|
| Amount: | $899,999.73
|
| Units: | 1,428,571
|
| Warrants: | For up to 2,857,142 shares
|
| Warrant expiration: | Six months, five years
|
| Warrant strike price: | $0.63 for class A warrants, $0.78 for class B warrants
|
| Agent: | Dawson James Securities, Inc.
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 9
|
| Stock symbol: | Nasdaq: CCCL
|
| Stock price: | $0.85 at close Feb. 3
|
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