By Devika Patel
Knoxville, Tenn., Sept. 10 - Yongye Biotechnology International, Inc. completed a $9.35 million private placement of stock on Sept. 5, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 6,073,006 common shares and five-year warrants for 1,518,253 shares, exercisable at $1.848 per share.
ROTH Capital Partners, LLC was the agent.
Proceeds will be used to begin restructuring Yongye Nongfeng Biotechnology Co., the cooperative joint venture through which Yongye conducts operations in China, and for working capital.
With headquarters in Beijing and manufacturing plant in Hohhot, Inner Mongolia, Yongye is engaged in the research, development, production and sales of fulvic acid based liquid and powder nutrient compounds used in the agriculture industry.
| Issuer: | Yongye Biotechnology International, Inc.
|
| Issue: | Common stock
|
| Amount: | $9.35 million
|
| Shares: | 6,073,006
|
| Warrants: | For 1,518,253 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.848
|
| Agent: | ROTH Capital Partners, LLC
|
| Announcement date: | Sept. 10
|
| Settlement date: | Sept. 5
|
| Stock symbol: | OTCBB: YGYB
|
| Stock price: | $4.00 at close Sept. 10
|
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