By Devika Patel
Knoxville, Tenn., April 19 - Hanwei Energy Services Corp. said it arranged a C$3.5 million non-brokered private placement of stock.
The company will sell 10 million common shares at C$0.35 per share. The company's founder, president, chief executive officer and principal shareholder, Fulai Lang, has indicated that he intends to buy up to 6 million shares for C$2.1 million.
Proceeds will be used to fund the company's joint venture with Ershigs Inc. and for operating costs and general working capital.
Hanwei is a Vancouver, B.C.-based energy company.
| Issuer: | Hanwei Energy Services Corp.
|
| Issue: | Common shares
|
| Amount: | C$3.5 million
|
| Shares: | 10 million
|
| Price: | C$0.35
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Investor: | Fulai Lang (for C$2.1 million)
|
| Pricing date: | April 19
|
| Stock symbol: | TSX Venture: HE
|
| Stock price: | C$0.35 at close April 19
|
| Market capitalization: | C$24.1 million
|
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