Company sells 2.24 million common shares at $1.16 apiece to Wei Gong
By Devika Patel
Knoxville, Tenn., Oct. 17 - Tianli Agritech, Inc. will not complete any further tranches of a private placement of stock with Wei Gong, according to an 8-K filed Thursday with the Securities and Exchange Commission. Tianli raised $2.6 million on Sept. 28 and reported in a Sept. 30 8-K filing that it planned to raise $3.2 million.
The company sold 2,238,000 common shares at $1.16 apiece. The per-share price represents a 43.21% premium to the Sept. 27 closing share price of $0.81.
The company intends to sell the remaining 522,000 shares for $$605,520 when it obtains shareholder approval.
Proceeds will be used for a portion of the purchase price in the company's planned acquisition of EveryWare Global, Inc.
The Wuhan, China, company breeds and sells hogs.
| Issuer: | Tianli Agritech, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,596,080
|
| Shares: | 2,238,000
|
| Price: | $1.16
|
| Warrants: | No
|
| Investors: | Wei Gong
|
| Announcement date: | Sept. 30
|
| Settlement date: | Sept. 28
|
| Stock symbol: | Nasdaq: OINK
|
| Stock price: | $0.81 at close Sept. 27
|
| Market capitalization: | $18.92 million
|
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