By Devika Patel
Knoxville, Tenn., May 4 - New Oriental Energy & Chemical Corp. said it completed a $1.7 million private placement of units via agent Internet Securities, Inc.
The company sold 1.36 million units of one common share and one half-share warrant at $1.25 apiece. Each whole warrant will be exercisable at $2.00 for 30 months and will not be exercisable until six months following the issuance of the warrants.
Proceeds will be used for general corporate purposes.
New Oriental Energy is a Xinyang, China-based specialty chemical and emerging coal-based alternative fuel manufacturer.
| Issuer: | New Oriental Energy & Chemical Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $1.7 million
|
| Units: | 1.36 million
|
| Price: | $1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | $2.00
|
| Agent: | Internet Securities, Inc.
|
| Settlement date: | May 4
|
| Stock symbol: | Nasdaq: NOEC
|
| Stock price: | $1.51 at close May 3
|
| Market capitalization: | $18.1 million
|
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