New Issue: SinoCoking sells $44.06 million of equity units via private placement

By Devika Patel

Knoxville, Tenn., March 11 - SinoCoking Coal and Coke Chemical Industries, Inc. said it settled a $44.06 million private placement of units with a $36.97 million second tranche. The company raised $7.09 million on Feb. 5.

The company sold 1,180,892 units of one common share and one half-share warrant at $6.00 apiece in the first tranche. It sold 6,162,376 units in the second tranche. Each whole warrant is exercisable at $12.00 for five years.

Madison Williams and Co. was the agent.

Proceeds will be used to fund SinoCoking's growth and working capital requirements.

The Coquitlam, B.C., company, formerly known as Ableauctions.com, Inc., provides liquidation and merchandizing services along with auction and point-of-sale technology to businesses to assist them with managing the sale of their products. Effective this week, as a result of its name change and recent merger, the company's shares will begin trading under the symbol OTCBB: SKOK.

Issuer:	SinoCoking Coal and Coke Chemical Industries, Inc.
Issue:	Units of one common share and one half-share warrant
Amount:	$44,059,608
Units:	7,343,268
Price:	$6.00
Warrants:	One half-share warrant per unit
Warrant expiration:	Five years
Warrant strike price:	$12.00
Agent:	Madison Williams and Co.
Settlement date:	Feb. 5 (for $7,085,352), March 11 (for $36,974,256)
Stock symbol:	Nasdaq: SCOK
Stock price:	$1.30 at close Feb. 5

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