China Architectural Engineering (CAEI) Sells 17M Shares at $1.65
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China Architectural Engineering, Inc. (Nasdaq: CAEI) agreed to sell 17 million shares of its common stock at a price of $1.65 per share to certain qualified investors pursuant to a Securities Purchase Agreement dated August 6, 2009.
Shares of CAEI closed at $2.41 yesterday.
Concurrently with the execution of the Securities Purchase Agreement, in a separate transaction, the principal stockholder of the Company, KGE Group, Limited sold 5 million shares of CAE's common stock held at a price of $0.90 per share to a new investor, Resort Property International Limited, which is a holding company to the principal stockholder of Shanghai Nine Dragon Co. Ltd.
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