By Sheri Kasprzak
New York, April 10 - Sino-Forest Corp. completed a non-brokered private placement for C$232.41 million.
The company sold 25.4 million shares at C$9.15 each to a group of institutional investors that included Temasek Holdings and United Capital Investments Group.
The offering was announced March 23 as a C$237.9 million deal comprised of up to 26 million shares.
Proceeds will be used for the acquisition of standing timber, the construction or acquisition of a processing facility and for working capital.
Sino-Forest's subsidiary, Sino-Panel (Asia) Inc., agreed to acquire 200,000 hectares of non-state-owned commercial standing timber in the People's Republic of China from Gengma Dai and Wa Tries Autonomous Region Forestry Co. Ltd.
Sino-Forest, based in Toronto, is a commercial forestry plantations operator in China.
| Issuer: | Sino-Forest Corp.
|
| Issue: | Stock
|
| Amount: | C$232.41 million
|
| Shares: | 25.4 million
|
| Price: | C$9.15
|
| Warrants: | No
|
| Investors: | Temasek Holdings, United Capital Investments Group, others
|
| Placement agent: | Non-brokered
|
| Settlement date: | April 10
|
| Stock symbol: | Toronto: TRE
|
| Stock price: | C$13.83 at close April 10
|
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