By Devika Patel
Knoxville, Tenn., Dec. 31 - Yasheng Eco-Trade Corp. raised $5 million from a private placement of 10% series D preferred stock on Dec. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The preferreds were sold at $10,000 apiece. The preferreds are not convertible.
The investors also received a warrant for up to $6.75 million in shares, which is initially exercisable at $0.022 for five years.
The independent natural resource company is based in Beverly Hills, Calif.
| Issuer: | Yasheng Eco-Trade Corp.
|
| Issue: | Series D preferred stock
|
| Amount: | $5 million
|
| Price: | $10,000
|
| Dividends: | 10%
|
| Warrants: | For up to $6.75 million in shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.022
|
| Settlement date: | Dec. 30
|
| Stock symbol: | OTCBB: YASH
|
| Stock price: | $0.02 at close Dec. 23
|
| Market capitalization: | $2.3 million
|
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