Offering sells 10 million shares at $0.03 per share to CEO An Fengbin
By Devika Patel
Knoxville, Tenn., March 11 – Andatee China Marine Fuel Services Corp. completed a $300,000 private placement of stock with chief executive officer and board member An Fengbin on March 3, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Feb. 29.
The company sold 10 million common shares at $0.03 per share. The price per share is identical to the closing share price on Feb. 26 and also represents the average closing price of the stock over the two-week period preceding Feb. 29, the company said in the filing.
All of the proceeds were used for the company’s settlement payment with White Hat Media LLC.
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: | $300,000
|
| Shares: | 10 million
|
| Price: | $0.03
|
| Warrants: | No
|
| Investor: | An Fengbin
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| Pricing date: | Feb. 29
|
| Settlement date: | March 3
|
| Stock symbol: | Nasdaq: AMCF
|
| Stock price: | $0.03 at close Feb. 26
|
| Market capitalization: | $2.05 million
|
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