By Devika Patel
Knoxville, Tenn., July 1- Nutrastar International Inc. settled a $2.12 million second tranche of a private placement of units on June 28, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $3.52 million on June 7.
The company sold approximately 123,403 units at $28.56 apiece in the first tranche and about 74,297 units in the second. Each unit consists of one series A convertible preferred share and one warrant for five shares. Each warrant is exercisable at $3.40.
The initial conversion ratio is 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.
|
| Issue: | Units of one series A convertible preferred share and one warrant for five shares
|
| Amount: | $5,646,270
|
| Units: | 197,700 (approximate)
|
| Price: | $28.56
|
| Warrants: | One warrant for five shares per unit
|
| Warrant strike price: | $3.40
|
| Agent: | Gilford Securities Inc.
|
| Settlement date: | June 7 (for $3,524,342), June 28 (for $2,121,928)
|
| Stock symbol: | OTCBB: NUIN
|
| Stock price: | $3.20 at close June 7
|
|
|
| Series A convertible preferred shares
|
| Conversion ratio: | 1 to 10
|
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