Jinjiang, China -- China Ceramics Co., Ltd. announced that it has entered into a definitive agreement with certain institutional investors for a registered direct offering of securities with gross proceeds of approximately $900,000. The closing of the offering is expected to take place on or about Dec. 18, subject to the satisfaction of customary closing conditions.
In connection with the offering, the company will issue 1.2 million registered common shares at a purchase price of $0.75 per share. Concurrently in a private placement, for each common share purchased by an investor, such investor will receive from the company an unregistered warrant to purchase one common share. The warrants have an exercise price of $0.82 per share, will be exercisable six months from the date of issuance, and will expire five years from the initial exercise date.
The company plans to use the net proceeds from the offering for general corporate and working capital purposes. Dawson James Securities, Inc. acted as the sole placement agent in connection with the offering.
For more information, visit www.cceramics.com.