Ordinary shares sold at $2.50, 62.34% premium to Aug. 3 closing price
By Devika Patel
Knoxville, Tenn., Aug. 4 - China Metro Rural Holdings Ltd. said it raised $5 million in a private placement of stock.
The company sold 2 million ordinary shares at $2.50 per share. The price per share is a 62.34% premium to the Aug. 3 closing share price of $1.54.
Proceeds will be used to acquire land use rights for Project Dezhou and for general working capital.
Based in Kowloon, Hong Kong, China Metro is a developer and operator of integrated agricultural logistics and trade centers.
| Issuer: | China Metro Rural Holdings Ltd.
|
| Issue: | Ordinary stock
|
| Amount: | $5 million
|
| Shares: | 2 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Settlement date: | Aug. 4
|
| Stock symbol: | Amex: CNR
|
| Stock price: | $1.54 at close Aug. 3
|
| Market capitalization: | $96.19 million
|
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