By Laura Lutz
Des Moines, Nov. 26 - China Marine Food Group Ltd., formerly New Paradigm Productions, Inc., closed a private placement of units for $19.93 million, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 6,199,441 units at $3.214 apiece. The units consist of a total of 6,199,441 shares and warrants for 1,239,731 shares.
Each warrant is exercisable at $4.178 for three years. The warrants have a cashless-exercise option.
Following the private placement, China Marine will have 25,141,948 outstanding shares on a fully diluted basis.
China Marine, which was known as New Paradigm at the time, just completed a reverse acquisition of Nice Enterprise Trading H.K. Co., Ltd. The company changed its name after the merger.
Proceeds will be used to expand Nice Enterprise's production capacity by constructing new storage facilities, erecting new processing plants, upgrading processing equipment for dried processed seafood products and constructing sterile sealed production units for dried and frozen food products.
Sterne, Agee & Leach, Inc. was the placement agent.
Penfei Liu, China Marine's principal stockholder, agreed to transfer up to 6,199,441 shares to the investors on a pro rata basis if the company does not generate net income of $10.549 million for 2008 and $14.268 million for 2009.
China Marine is a seafood producer with headquarters in Fujian, China.
| Issuer: | New Paradigm Productions, Inc.
|
| Issue: | Units of one share and warrants for about 0.2 share
|
| Amount: | $19,925,000
|
| Units: | 6,199,441
|
| Price: | $3.214
|
| Warrants: | For 1,239,731 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $4.178
|
| Agent: | Sterne, Agee & Leach, Inc.
|
| Settlement date: | Nov. 17
|
| Stock symbol: | OTCBB: NPDP
|
| Stock price: | $4.78 at close Oct. 23 (last trade)
|
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