New Issue: Keyuan Petrochemicals seals $26.21 million private placement of units

By Devika Patel

Knoxville, Tenn., May 18 - Keyuan Petrochemicals, Inc. said it raised $3.05 million in the second tranche of a $26.21 million private placement of units. The company raised $23.15 million on April 23.

The company sold 748,704 units of one common share, nine series A convertible preferred shares and two warrants at $35.00 per unit. It sold 661,562 units in the first tranche and 87,142 units in the second.

Each class A warrant is exercisable at $4.50. Each class B warrant is exercisable at $5.25.

Proceeds will be used for the expansion of the company's manufacturing facility, which will include a raw material pre-treatment facility, additional storage capacity and an asphalt production facility.

Keyuan, located in Ningbo, China, is a petrochemical company. It completed a reverse merger with Silver Pearl Enterprises, Inc., a Rockwall, Texas, company, on April 22.

Issuer:	Keyuan Petrochemicals, Inc.
Issue:	Units of one common share, nine series A convertible preferred shares and two warrants
Amount:	$26,204,640
Units:	748,704
Price:	$35.00
Warrants:	Two warrants per unit
Warrant strike price:	$4.50 (class A), $5.25 (class B)
Announcement dates:	April 23 (for $23,154,670), May 18 (for $3,049,970)
Stock symbol:	OTCBB: SVPE
Stock price:	$4.50 at close May 17

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.