Chinese goods importer sells 5,894,000 units with three-year warrants
By Devika Patel
Knoxville, Tenn., March 11 - GBS Enterprises Inc. completed a private placement of units, according to an 8-K filed Friday with the Securities and Exchange Commission. The best-efforts deal priced for $5 million on Dec. 15 and settled for $7.37 million on March 11.
The company sold 5,894,000 units at $1.25 apiece. Each unit consists of one common share and one warrant.
Each warrant is exercisable at $1.50 for three years. The strike price reflects a 48.52% premium to the Dec. 14 closing share price of $1.01.
Based in Calgary, Alta., GBS Enterprises is an importer and wholesaler of Chinese manufactured goods.
| Issuer: | GBS Enterprises Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $7,367,500
|
| Units: | 5,894,000
|
| Price: | $1.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.50
|
| Pricing date: | Dec. 15
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: GBSX
|
| Stock price: | $1.05 at close Dec. 14
|
| Market capitalization: | $69.6 million
|
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