By Devika Patel
Knoxville, Tenn., Dec. 31 - Emerald Dairy Inc. settled a $1.75 million private placement of 10% promissory notes due Dec. 24, 2010 on Dec. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The investors also received warrants for 536,809 shares, which are exercisable at $1.63 for three years.
Proceeds will be applied to the cost of equipping the first production line of the new milk powder processing facility in Hailun City, China, and general working capital purposes.
Based in Reston, Va., Emerald Dairy is a producer and distributor of infant and children's formula, milk powder and soybean products in the People's Republic of China.
| Issuer: | Emerald Dairy Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1.75 million
|
| Maturity: | Dec. 24, 2010
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 536,809 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.63
|
| Settlement date: | Dec. 24
|
| Stock symbol: | OTCBB: EMDY
|
| Stock price: | $1.80 at close Dec. 24
|
| Market capitalization: | $58.9 million
|
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