Onny Investments completes $5 million private placement

By Sheri Kasprzak

New York, Oct. 21 - Onny Investments Ltd. said it wrapped a private placement of convertible preferred stock for $5 million.

The company sold 10,000 preferreds at $500 each.

The full details of the deal could not be determined by press time Friday.

The offering was conducted as part of Onny's stock exchange transaction with TS Electronics, Inc. Under the terms of the amalgamation, Onny's shareholders, including the participants of the private placement, received 27,499,940 shares of TS Electronics.

Also, Heung Mei Tsui was appointed to TS Electronics' board of directors, and senior management of Onny was elected as executive officers of TS upon the resignation of the TS executive.

TS Electronics will operate on a consolidated basis with Onny.

Based in Hainan, China, Onny is a biopharmaceutical company focused on genetic engineering, bioengineering, peptidergic medicine and chemical medicine.

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