By Devika Patel
Knoxville, Tenn., Nov. 2 - Longwei Petroleum Investment Holding Ltd. settled a $14.85 million private placement of its series A convertible preferred stock on Oct. 29, according to an 8-K filed Monday with the Securities and Exchange Commission. It raised $4.14 million at pricing.
The company sold 13,499,274 preferreds. The preferreds are convertible into common stock based on a one to one conversion ratio, or at $1.10 per share.
Investors also received warrants for 13,499,274 common shares, which are exercisable at $2.255 for three years.
National Securities Corp. was the agent.
Longwei is a Taiyuan City, China-based energy company.
| Issuer: | Longwei Petroleum Investment Holding Ltd.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $14,849,202
|
| Shares: | 13,499,274
|
| Conversion price: | $1.10
|
| Conversion ratio: | One to one
|
| Warrants: | For 13,499,274 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.255
|
| Agent: | National Securities Corp.
|
| Settlement date: | Oct. 29
|
| Stock symbol: | OTCBB: LPIH
|
| Stock price: | $2.05 at close Oct. 29
|
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