By Jennifer Chiou
New York, Oct. 8 - Orient Paper, Inc. gave details on its roughly $5 million private placement of stock in an 8-K filing with the Securities and Exchange Commission.
The company sold 8,333,332 common shares under a securities purchase agreement with Access America Fund, LP, Renaissance US Growth Investment Trust plc, RENN Global Entrepreneurs Funds, Inc., Premier RENN Entrepreneurial Fund Ltd., Pope Investments II, LLC and Steve Mazur.
As already reported, proceeds will be used to buy a digital photo paper plant and for other general corporate purposes.
Specifically, the company agreed that it will deposit $300,000 of the proceeds in escrow to pay the fees and expenses in connection with a public relations and investor relations campaign.
Orient Paper additionally agreed to deposit $2 million in escrow on account of the company appointing a board of directors comprising a majority of independent directors acceptable to the purchasers.
Further, the company agreed to reimburse Access America Investments, Inc. $100,000 in transactional expenses from the proceeds.
Orient Paper, based in Baoding City, China, makes and distributes paper products.
| Issuer: | Orient Paper, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million (approximate)
|
| Shares: | 8,333,332
|
| Warrants: | No
|
| Investors: | Access America Fund, LP, Renaissance US Growth Investment Trust plc, RENN Global Entrepreneurs Funds, Inc., Premier RENN Entrepreneurial Fund Ltd., Pope Investments II, LLC, Steve Mazur
|
| Settlement date: | Oct. 7
|
| Stock symbol: | OTCBB: OPAI
|
| Stock price: | $1.36 at close Oct. 7
|
© 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.
