Company sells 10 million common shares at $0.50 per share in offering
By Devika Patel
Knoxville, Tenn., May 15 – China Gewang Biotechnology Inc. completed a $5 million private placement of stock with 16 investors on May 14, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 10 million common shares at $0.50 per share. The price per share is an 81.48% discount to the $2.70 closing share price on May 13.
Based in Guangzhou Province, China, China Gewang is a wholesale distribution company that plans to import and source local products for the food service business.
| Issuer: | China Gewang Biotechnology Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 10 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Settlement date: | May 14
|
| Stock symbol: | OTCBB: CGWB
|
| Stock price: | $2.70 at close May 13
|
| Market capitalization: | $97.62 million
|
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