China Architectural Engineering (CAEI) Announces Agreement to Sell 17M Shares At $1.65 A Share

August 7, 2009 9:40 AM EDT

China Architectural Engineering, Inc. (Nasdaq: CAEI) announced that it has 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.

The closing, which is subject to approval by CAE's shareholders, is anticipated to occur on or before September 30, 2009. 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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