By Devika Patel
Knoxville, Tenn., Aug. 14 - China New Energy Group Co. arranged a $9 million private placement of its series A convertible preferred stock on Aug. 8 and may sell an additional $5.4 million of the stock, according to an8-K filed Thursday with the Securities and Exchange Commission and a company press release.
The company will sell 1,857,373 preferreds to China Hand Fund I. LP. It may sell an additional $5.4 million of the preferreds to other investors.
China Hand also will receive warrants for 13,001,608 common shares, exercisable at $0.187 for five years.
China New Energy is based in Tianjin, China.
| Issuer: | China New Energy Group Co.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $14.4 million
|
| Shares: | 1,857,373
|
| Warrants: | For 13,001,608 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.187
|
| Investor: | China Hand Fund I. LP (for $9 million)
|
| Pricing date: | Aug. 8
|
| Stock symbol: | OTCBB: CNER
|
| Stock price: | $0.29 at close Aug. 8
|
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