Advanced Battery Technologies (ABAT) Announces $7 Million Private Placement
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Advanced Battery Technologies, Inc. (Nasdaq: ABAT) announced that it has agreed to sell additional convertible preferred stock and warrants to three of the institutional investors that purchased similar securities from Advanced Battery Technologies on June 1, 2009. The investors will purchase the additional preferred stock and warrants for $7 million cash. The securities being sold include 180-day Class B Warrants that, if exercised, will yield another $7 million in gross proceeds. The Company may demand exercise of the Class B Warrants if certain market conditions are satisfied.
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