New Issue: Keyuan concludes $23.15 million private placement of securities units

By Devika Patel

Knoxville, Tenn., April 23 - Keyuan International Group Ltd. said it took in $23.15 million from a private placement of units. It also completed a reverse merger with Silver Pearl Enterprises, Inc.

The company sold 661,562 units. The units consist of 661,562 ordinary common shares, 5,954,058 series A preferred shares, 661,562 class A warrants and 661,562 class B warrants.

The preferreds are convertible into common stock.

The class A warrants are exercisable at $4.50. The class B warrants are exercisable at $5.25.

The company is located in Ningbo, China, and is a manufacturer and supplier of various petrochemical products.

Issuer:	Keyuan International Group Ltd.
Issue:	Units of 661,562 ordinary common shares, 5,954,058 series A preferred shares, 661,562 class A warrants and 661,562 class B warrants
Amount:	$23.15 million
Units:	661,562
Warrants:	Two warrants per unit
Warrant strike price:	$4.50 (class A), $5.25 (class B)
Settlement date:	April 23
Stock symbol:	OTCBB: SVPE
Stock price:	$0.15 at close April 22
Market capitalization:	$28.5 million

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