By Devika Patel
Knoxville, Tenn., July 6 - Boyuan Construction Group, Inc. said it has settled a C$6.47 million private placement of units.
The company sold 6,474 units at C$1,000 apiece; each unit consisted of one C$750 11.75% convertible debenture and 125 common shares at C$2.00 per share, along with 250 warrants and 500 non-transferable rights.
Investors can convert the debentures at any time into common shares at C$2.00 per share. It matures Feb. 28, 2013.
The warrants are exercisable at C$2.00 for four years.
Each debenture holder also received 250 rights and 250 additional rights. Each right will entitle the holder to receive one make good escrowed share. Each right expires Nov. 30.
Proceeds will be used for working capital purposes as well as for new construction projects.
Boyuan is a privately held Beijing-based builder of commercial, residential and municipal infrastructure.
| Issuer: | Boyuan Construction Group, Inc.
|
| Issue: | Units of one C$750.00 11.75% convertible debenture, 125 common shares, 250 warrants, 500 non-transferable rights
|
| Amount: | C$6,474,000
|
| Units: | 6,474
|
| Price: | C$1,000
|
| Warrants: | 250 warrants per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$2.00
|
| Agent: | Hunter Wise Securities, LLC
|
| Settlement date: | July 6
|
|
|
| Debentures
|
| Maturity: | Feb. 28, 2013
|
| Coupon: | 11.75%
|
| Price: | Par of C$750
|
| Yield: | 11.75%
|
| Conversion price: | C$2.00
|
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