China Green Agriculture (CGA) Enters into $20M Direct Placement
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China Green Agriculture, Inc. (AMEX CGA) has entered into definitive agreements to sell 1,282,052 shares of its common stock at a price per share of $15.60 pursuant to a registered direct offering to several select institutional investors, representing gross proceeds of approximately $20 million.
The shares are being sold under the Company's previously filed shelf registration statement, which was declared effective by the Securities and Exchange Commission on June 12, 2009. The Company intends to use all of the net proceeds for working capital purposes.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the transaction. The company has granted Rodman the exclusive right for a period of 30 days to place up to an additional 320,513 shares ($5,000,000) on the same terms as the current placement.
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