By Sheri Kasprzak
New York, March 1 - AgFeed Industries, Inc. raised the minimum $3 million required to conduct a private placement of units and extended the offering throughout March.
So far, AgFeed sold 1 million units of one share and one warrant. The warrants are exercisable at $5.00 each for three years.
Proceeds will be used for working capital.
The offering will expire on March 30.
AgFeed, based in Beijing, produces animal feed.
| Issuer: | AgFeed Industries, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $3 million
|
| Units: | 1 million
|
| Price: | $3.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike priced: | $5.00
|
| Settlement date: | Feb. 28 (for $3 million)
|
| Stock symbol: | OTCBB: AGFI
|
| Stock price: | $4.61 at close Feb. 28
|
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