By Devika Patel
Knoxville, Tenn., June 11 - Nutrastar International Inc. settled a $3.52 million private placement of units on June 7, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold approximately 123,403 units at $28.56 apiece. Each unit consists of one series A convertible preferred share and one warrant for five shares. Each warrant is exercisable at $3.40.
The preferreds have an initial conversion ratio of 1 to 10.
Gilford Securities Inc. was the agent.
The Harbin, China, nutraceutical company produces and distributes Chinese Golden Grass and organic and specialty food products in China.
Issuer: | Nutrastar International Inc.
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Issue: | Units of one series A convertible preferred share and one warrant for five shares
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Amount: | $3,524,342
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Units: | 123,403 (approximate)
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Price: | $28.56
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Warrants: | One warrant for five shares per unit
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Warrant strike price: | $3.40
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Agent: | Gilford Securities Inc.
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Settlement date: | June 7
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Stock symbol: | OTCBB: NUIN
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Stock price: | $3.20 at close June 7
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Series A convertible preferred shares
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Conversion ratio: | 1 to 10
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