Published on 5/6/2009 in the Prospect News PIPE Daily.
New Issue: China New Energy completes $5.4 million convertible preferreds sale with China Hand
By Devika Patel
Knoxville, Tenn., May 6 - China New Energy Group Co. sold $5.4 million of its series B convertible preferred stock in a private placement with China Hand Fund I LP on April 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission and a company press release.
The company sold 1,116,388 preferreds to China Hand.
China Hand also received warrants for 7,814,719 common shares, exercisable at $0.187 for five years.
China New Energy is based in Tianjin, China.
| Issuer: | China New Energy Group Co.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $5.4 million
|
| Shares: | 1,116,388
|
| Warrants: | For 7,814,719 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.187
|
| Investor: | China Hand Fund I. LP
|
| Settlement date: | April 30
|
| Stock symbol: | OTCBB: CNER
|
| Stock price: | $0.50 at close April 30
|
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