By Laura Lutz
Washington, Dec. 12 - Hanwei Energy Services Corp., formerly Y&O Services Corp., announced a private placement of shares for C$2.23 million.
The company plans to sell 2,966,667 shares at C$0.75 each.
Proceeds will be used for working capital.
The company also announced its name change on Monday. It began trading on the TSX Venture Exchange under the symbol "HE" on Dec. 12.
Based in Vancouver, B.C., Hanwei will operate as a pipeline construction company.
Issuer: | Hanwei Energy Services Corp.
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Issue: | Shares
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Amount: | C$2.225 million
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Shares: | 2,966,667
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Price: | C$0.75
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Warrants: | No
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Pricing date: | Dec. 11
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Stock symbol: | TSX Venture: HE
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Stock price: | C$1.30 at close Dec. 12
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