Yantai Dahua plans private placement of convertibles for up to $8 million

By Sheri Kasprzak

Atlanta, Feb. 1 - Yantai Dahua Holdings Co. Ltd. said it will hit the private placement market with an $8 million offering of secured convertible debentures.

The company plans to sell the convertible debentures to accredited investors.

The terms of the offering, according to a statement from the company, have not yet been finalized.

The proceeds from the deal will be used to finance a new plant facility and production equipment for specialty thin paper products. The new plant and equipment is expected to increase the company's production capacity to 36,000 tons of paper from 28,000 tons.

Based in Shandong, China, Yantai manufactures and sells paper products primarily in China.

On Tuesday, the company's stock closed unchanged at $0.18.

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