Offering sells 8,775,982 shares at $0.043 per share to CEO An Fengbin
By Devika Patel
Knoxville, Tenn., Dec. 28 – Andatee China Marine Fuel Services Corp. completed a $377,367 private placement of stock with chief executive officer and board member An Fengbin on Dec. 18, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 8,775,982 common shares at $0.043 per share. The price per share is a 38.57% discount to the $0.07 closing share price on Dec. 17 and also represents the average closing price of the stock over the two-week period preceding Dec. 4, the company said in the filing.
Proceeds will be used to pay the company’s Delaware franchise tax liabilities, with the remainder to be used for general corporate and working capital purposes.
The Dalian, China, company produces and sells blended marine fuel oil for cargo and fishing vessels with operations in China.
| Issuer: | Andatee China Marine Fuel Services Corp.
|
| Issue: | Common stock
|
| Amount: | $377,367
|
| Shares: | 8,775,982
|
| Price: | $0.043
|
| Warrants: | No
|
| Investor: | An Fengbin
|
| Settlement date: | Dec. 18
|
| Stock symbol: | Nasdaq: AMCF
|
| Stock price: | $0.07 at close Dec. 17
|
| Market capitalization: | $410,234
|
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