By Laura Lutz
Des Moines, Jan. 4 - EBT Mobile China plc completed a private placement of shares for £7.4 million.
The company sold 33,566,300 ordinary shares to new and existing institutional investors for 22p per share. The price per share is a 12% discount to the closing middle market price of the company's shares on Jan. 3.
The new shares represent about 15.9% of the outstanding shares of the company following the placement.
Proceeds will be used to finance an accelerated rollout of the company's business expansion. That is expected to include an extended relationship with China Mobile, a cooperation agreement with a handset manufacturer, a partnership with an international retailer and the acquisition of a local mobile phone retailer.
Based in London, EBT Mobile China sells mobile phones and other wireless products and services in China.
| Issuer: | EBT Mobile China plc
|
| Issue: | Shares
|
| Amount: | £7,384,586
|
| Shares: | 33,566,300
|
| Price: | 22p
|
| Warrants: | No
|
| Settlement date: | Jan. 4
|
| Stock symbol: | London: EBT
|
| Stock price: | 26p at close Jan. 4
|
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