By Sheri Kasprzak
New York, May 3 - AgFeed Industries, Inc. completed a $1.692 million tranche of its previously announced private placement, bringing the total proceeds raised to $6,830,259.
The company, in the most recent tranche, sold 564,000 units at $3.00 each.
The units consist of one share and one warrant with each warrant exercisable at $5.00 for three years.
The company sold 712,753 units under the same terms for $2,138,259 on April 6 and 1 million units for $3 million on Feb. 28.
Proceeds will be used for working capital.
AgFeed, based in Beijing, produces animal feed.
| Issuer: | AgFeed Industries, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1.692 million
|
| Units: | 564,000
|
| Price: | $3.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $5.00
|
| Settlement date: | April 29
|
| Stock symbol: | OTCBB: AGFI
|
| Stock price: | $5.50 at close April 29
|
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