Company issues five-year warrants with strike price at 24% discount
By Susanna Moon
Chicago, Aug. 28 – Orient Paper, Inc. said it inked an agreement with an institutional investor for a registered direct placement of $2.5 million of common shares.
The company plans to sell shares at a price of $1.60 per share, which is a 24.375% discount to the company’s closing price on Aug. 27.
Also, the company will issue warrants for up to 781,250 shares exercisable for five years at $1.70 per share.
H.C. Wainwright & Co., LLC is the placement agent.
Orient Paper, based in Baoding City, China, makes and distributes paper products.
| Issuer: | Orient Paper, Inc.
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| Issue: | Common stock
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| Amount: | $2.5 million
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| Price: | $1.60 per share
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| Warrants: | For up to 781,250 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.70
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| Agent: | H.C. Wainwright & Co., LLC
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| Settlement date: | Sept. 3
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| Stock symbol: | OTCBB: OPAI
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| Stock price: | $1.99 at close Aug. 27
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