By Devika Patel
Knoxville, Tenn., Jan. 7 - Man Shing Agricultural Holdings, Inc. raised $1 million in a private placement of 8% secured convertible redeemable debentures on Jan. 4, according to an 8-K filed Thursday with the Securities and Exchange Commission. China Angel Assets Management Ltd. was the investor.
The securities were sold in units, with each of the 10 units comprising a $100,000 debenture, 80,000 common shares and one right to buy an additional unit for up to three years.
The two-year debentures are convertible into common shares at an initial conversion price of $2.00 per share.
Based in Kowloon, Hong Kong, Man Shing is an agricultural producer.
| Issuer: | Man Shing Agricultural Holdings, Inc.
|
| Issue: | Units of a $100,000 secured convertible redeemable debenture, 80,000 common shares and one right to buy an additional unit for up to three years
|
| Amount: | $1 million
|
| Units: | 10
|
| Warrants: | No
|
| Investor: | China Angel Assets Management Ltd.
|
| Settlement date: | Jan. 4
|
| Stock symbol: | OTCBB: MSAH
|
| Stock price: | $2.95 at close Jan. 4
|
|
|
| Debentures
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $2.00
|
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