Published on 4/19/2010 in the Prospect News PIPE Daily.
New Issue: Dragon Acquisition concludes $11.1 million private placement of units
By Devika Patel
Knoxville, Tenn., April 19 - Dragon Acquisition Corp. settled an $11.1 million private placement of units on April 14, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 2,774,700 units of one 6% convertible preference share and one half-share warrant at $4.00 per unit. Each whole warrant is exercisable at $6.00 for five years.
The Qingdao, China, company was non-operational before its recently completed merger with Leewell Investment Group Ltd., a real estate development company. The newly formed company is not publicly traded.
| Issuer: | Dragon Acquisition Corp.
|
| Issue: | Units of one 6% convertible preference 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
|
| Settlement date: | April 14
|
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