By Devika Patel
Knoxville, Tenn., April 15 - Dragon Acquisition Corp. said it settled an $11.1 million private placement of units. It also concluded a reverse merger with Leewell Investment Group Ltd.
The company sold 2,774,700 units of one common share and one half-share warrant at $4.00 apiece. Each whole warrant is exercisable at $6.00 for five years.
Brean Murray, Carret & Co., LLC was the agent.
Prior to the reverse merger, the Qingdao, China, issuer was a publicly held, non-operating company. As a result of the merger, Dragon, through Leewell and its operating company, Qingdao Oumei Real Estate Development Co., Ltd., is now engaged in real estate development.
Dragon plans to change its name to China Oumei Real Estate Inc. to more accurately reflect its new business operations. Its shares have not yet begun trading.
| Issuer: | Dragon Acquisition Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $11,098,800
|
| Units: | 2,774,700
|
| Price: | $4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.00
|
| Agent: | Brean Murray, Carret & Co., LLC
|
| Settlement date: | April 15
|
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