By Sheri Kasprzak
New York, Aug. 6 - China Natural Gas, Inc. completed a $15 million private placement of shares.
The company sold 4.6 million shares. The exact price per share was unavailable by press time Monday.
The investors also received warrants for 690,000 shares, exercisable at $7.79 each for five years.
Brean Murray, Carret & Co., LLC was the placement agent.
Proceeds will be used for building additional retail filling stations and for general corporate purposes.
Based in New York, China Natural Gas operates a compressed natural gas pipeline in Xi'an, China.
| Issuer: | China Natural Gas, Inc.
|
| Issue: | Stock
|
| Amount: | $15 million
|
| Shares: | 4.6 million
|
| Warrants: | For 690,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.79
|
| Placement agent: | Brean Murray, Carret & Co., LLC
|
| Settlement date: | Aug. 6
|
| Stock symbol: | OTCBB: CHNG
|
| Stock price: | $6.60 at close Aug. 3
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