By Devika Patel
Knoxville, Tenn., April 18 - Yongye Biotechnology International, Inc. said it took in approximately $10 million from a private placement of stock. The company also said it has completed a reverse merger and share exchange with the public company formerly known as Golden Tan, Inc.
The company sold about 6.5 million capital shares at $1.54 apiece.
The merger was completed by the exchange of newly issued Yongye shares for shares held by the shareholders of the holding company controlling the company's operations in China. Yongye remained the surviving corporation and, as a result of the share exchange, the holding company became a wholly owned operating subsidiary. In connection with the reverse merger, Golden Tan's corporate name was changed to Yongye Biotechnology International, Inc.
With headquarters in Beijing and manufacturing plant in Hohhot, Inner Mongolia, Yongye is engaged in the research, development, production and sales of fulvic acid based liquid and powder nutrient compounds used in the agriculture industry.
| Issuer: | Yongye Biotechnology International, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Shares: | 6.5 million
|
| Price: | $1.54
|
| Warrants: | No
|
| Pricing date: | April 18
|
| Stock symbol: | OTCBB: GDTN
|
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