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Kingold Jewelry (KGJI) Announces 7M Common Offering at $1.80/Share

January 11, 2013 6:07 AM EST Send to a Friend
Kingold Jewelry, Inc. (Nasdaq: KGJI) announced that the Company has entered into a Subscription Agreement ("Agreement") with three individuals providing for the sale of 7,000,000 shares of its common stock at a price of $1.80 per share for gross proceeds of $12,600,000.

The Company also issued to the investors, on a pro rata basis, warrants to purchase up to an additional 2,800,000 shares of its common stock at an exercise price of $1.80, which warrant is not cashless exercise but is exercisable at any time in whole or in part for twelve months following the date of the Agreement. The Company intends to use the proceeds from this transaction to purchase additional raw materials for its products, working capital and other general corporate purposes.




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