By Sheri Kasprzak
New York, Jan. 13 - China Agritech, Inc. said it has wrapped a private placement of stock for $12 million.
The company issued 4.8 million shares at $2.50 each.
Proceeds will be used to expand production and distribution capabilities at its Harbin, China, plant. The rest of the proceeds will be used for internet technology infrastructure, marketing and working capital.
In other news, Richard Dean was named vice president of strategic planning for China Agritech.
Based in Beijing, China, Agritech is a fertilizer manufacturer.
| Issuer: | China Agritech, Inc.
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| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 4.8 million
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| Price: | $2.50
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| Warrants: | No
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| Settlement date: | Jan. 13
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| Stock symbol: | OTCBB: CAGC
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| Stock price: | $3.15 at close Jan. 13
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