By Sheri Kasprzak
New York, Nov. 23 - American Oriental Bioengineering Inc. said it plans to raise up to $60 million in a private placement.
The offering includes up to 12.5 million units at $4.80 each.
The units are comprised of one share and one warrant for 0.3 of a share. The full details of the warrants could not determined by press time Wednesday.
Currently, the company has only 9.7 million shares available for issue. The offering will require shareholder approval to increase the number of authorized shares.
Proceeds will be used for acquisitions and general corporate purposes.
Hong Kong-based American Oriental makes and distributes pharmaceutical and nutraceutical products.
| Issuer: | American Oriental Bioengineering Inc.
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| Issue: | Units of one share and one warrant for 0.3 of a share
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| Amount: | $60 million (maximum)
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| Units: | 12.5 million (maximum)
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| Price: | $4.80
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| Warrants: | One warrant for 0.3 of a share per unit
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| Pricing date: | Nov. 23
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| Stock price: | $5.02 at close Nov. 23
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