Yongye concludes $9.35 million stock sale; Signalife plans $5 million; AVP collects $3.5 million

By Devika Patel

Knoxville, Tenn., Sept. 10 - Yongye Biotechnology International, Inc. completed a $9.35 million private placement of shares Wednesday, which it will use to fund its growth and restructure its China-based business venture.

Separately, Signalife, Inc. negotiated a $5 million private placement in which it plans to sell its series B convertible preferred stock with its principal shareholder, ARC Finance Group, LLC. The company's shares (Amex: SGN) jumped 16.88% on Wednesday, or $0.0065, to close at $0.0450.

AVP, Inc. announced a $3.5 million private placement of convertible debt and preferred stock, which it settled after the close on Tuesday with RJSM Partners, LLC.

Yongye raises $9.35 million

Beijing-based Yongye announced the completion of a $9.35 million private placement of shares, which settled Friday.

The company sold 6,073,006 common shares through agent ROTH Capital Partners, LLC. Investors also received five-year warrants for 1,518,253 shares, exercisable at $1.848 per share.

Proceeds will be used to begin restructuring Yongye Nongfeng Biotechnology Co., the cooperative joint venture through which Yongye conducts operations in China, and for working capital as the company grows.

"The money that we receive from this additional financing will help sustain our rapid pace of growth," Yongye chairman and chief executive officer Zishen Wu said in a press release. "Our business has outgrown our current manufacturing capabilities, and we need to be able to supply our distribution network with more of our current products and new products which we are planning to produce in the future."

Yongye's shares (OTCBB: YGYB) dropped 1.96%, or 8 cents, to close at $4.00 Wednesday.

The company researches, develops, produces and sells fulvic acid-based liquid and powder nutrient compounds used in the agriculture industry.

Signalife to get $5 million

Signalife shareholder ARC Finance Group has agreed to invest additional capital in the Greenville, S.C.-based life sciences company and will participate in a $5 million private placement of the company's series B convertible preferred stock along with some of the company's directors.

This series of stock will be redeemable in five years and will accrue interest annually at Libor plus 2%.

The preferreds and interest are convertible into common shares, and the company also may force conversion.

"This investment by ARC Finance Group and the company's directors in series B preferred shares will ensure that Signalife has sufficient working capital to go forward and implement its sales and marketing plans and strategies over the near future," Signalife chief executive officer Rowland Perkins said of the placement in a press release.

AVP wraps $3.5 million

AVP settled a $3.5 million private placement of convertible debt and preferred stock with RJSM Partners after the close on Tuesday.

RJSM bought about $2.8 million in convertible debt, convertible into common stock at $0.50 per share, and 50,000 series B preferred shares.

The deal will settle in two tranches, with the company receiving $2.5 million on Sept. 8 and an additional $1 million by Sept. 15.

Proceeds will be used for working capital and the continued expansion of the company's lifestyle sports entertainment offerings in professional beach volleyball.

"We are delighted to close this round of financing with RJSM. Not only will this provide AVP with required working capital but RJSM includes a number of investors who will be of great strategic value to AVP," AVP chairman, chief executive officer and commissioner Leonard Armato said in a news release. "Coming off the momentum of the Olympic Games, and the unprecedented success that beach volleyball and our AVP gold medalists enjoyed, AVP looks forward to our future with tremendous optimism."

The Los Angeles-based company operates professional volleyball events. Its shares (OTCBB: AVPI) dropped 5.71%, or 2 cents, to close at $0.33 Wednesday.

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