By Devika Patel
Knoxville, Tenn., Aug. 12 - Jinhao Motor Co. raised $30 million in a private placement of preferred units on Aug. 11, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 6,857,204 units of one series A redeemable convertible preferred and a half-share warrant at $4.37496 per unit. The preferreds are each convertible into one common share.
The whole warrants are exercisable at $6.56244 for three years. The strike price reflects a 31.25% premium to the $5.00 closing share price on Aug. 10.
Hudson Securities, Inc. was the agent.
Jinhao, formerly Georgia International Mining Corp., is a Vancouver, B.C.-based mineral explorer.
| Issuer: | Jinhao Motor Co.
|
| Issue: | Units of one series A redeemable convertible preferred share and a half-share warrant
|
| Amount: | $30 million
|
| Units: | 6,857,204
|
| Price: | $4.37496
|
| Conversion ratio: | One share of common stock per preferred
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $6.56244
|
| Agent: | Hudson Securities, Inc.
|
| Settlement date: | Aug. 11
|
| Stock symbol: | OTCBB: GIMCD
|
| Stock price: | $5.00 at close Aug. 11
|
| Market capitalization: | $24.39 million
|
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