By Laura Lutz
Des Moines, Jan. 3 - Huifeng Bio-Pharmaceutical Technology, Inc. announced the terms of its $2 million private placement of convertible debt in an 8-K filing with the Securities and Exchange Commission.
The company sold convertible promissory notes to a group of investors that included Professional Offshore Opportunity Fund, Ltd.; Ancora Greater China Fund; Strategic Alliance Fund, LP; and Strategic Alliance Fund II, LP.
The notes mature on Dec. 30, 2009 and bear interest at 10% per year. They are convertible into common stock at $1.00 per share.
Primary Capital LLC was the placement agent.
Proceeds will be used for acquisitions of companies in the Shaanxi Province of China.
Based in Xi'an, China, Huifeng produces raw materials for pharmaceutical, neutraceutical and food production.
| Issuer: | Huifeng Bio-Pharmaceutical Technology, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $2 million
|
| Maturity: | Dec. 30, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.00 per share
|
| Agent: | Primary Capital LLC
|
| Investors: | Professional Offshore Opportunity Fund, Ltd.; Ancora Greater China Fund; Strategic Alliance Fund, LP; Strategic Alliance Fund II, LP
|
| Pricing date: | Dec. 31
|
| Stock symbol: | OTCBB: HFGB
|
| Stock price: | $0.75 at close Dec. 31
|
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