By Devika Patel
Knoxville, Tenn., Oct. 29 - Longwei Petroleum Investment Holding Ltd. said it took in $14.8 million in a private placement of its series A convertible preferred stock.
The company sold 13.5 million preferreds with warrants.
National Securities Corp. was the agent.
The company intends to use the proceeds to purchase inventory and ancillary equipment for the Gujiao Oil Depot facility and to finalize the railway connection to the depot.
The energy company is based in Taiyuan City, China.
| Issuer: | Longwei Petroleum Investment Holding Ltd.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $14.8 million
|
| Shares: | 13.5 million
|
| Warrants: | Yes
|
| Agent: | National Securities Corp.
|
| Settlement date: | Oct. 29
|
| Stock symbol: | OTCBB: LPIH
|
| Stock price: | $2.05 at close Oct. 29
|
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