Chardan Capital Markets Completes $50 Million Private Placement As Lead Placement Agent And Sole Financial Advisor For China Dredging Group Company Ltd.
Chardan Capital Markets completes $50,064,935 Private Placement as lead placement agent for China Dredging Group Co., Ltd.
NEW YORK, NY - 1/3/2011 -- Chardan Capital Markets, LLC announced that it acted as lead managing placement agent to China Dredging Group Co., Ltd. (the "Company"), a dredging subcontractor domiciled in the BVI with operations in the P.R.C., in connection with a private placement to institutional investors of 10,012,987 of the Company's Class A preferred shares in multiple closings between October 29, 2010 and December 21, 2010. The purchase price was $5.00 per share and each preferred share is convertible into one ordinary share of the Company. The aggregate gross proceeds from the financing totaled $50,064,935. Rodman & Renshaw, LLC acted as co-placement agent.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.
About China Dredging Group Co. Ltd.
China Dredging currently operates a modern fleet of 9 high-capacity dredgers on the eastern coast of China. These vessels are fully committed during the next year to a contractual backlog that was approximately $135 million as of June 30, 2010. The Company has commitments for additional vessels currently under construction and is seeking to lease or purchase additional equipment. New equipment would be used to further expand the company's dredging fleet to take advantage of new project opportunities in the P.R.C. that have been extended by its blue-chip customers - multi-billion international general contractors. Revenues of the Company's P.R.C operating subsidiary for the 12 months ended June 30, 2010 were approximately $85.5 million and the Company operated an average of 5 dredgers during that time.
Chardan Capital Markets, LLC
Chardan is an international investment bank headquartered in New York City, with offices in Los Angeles, San Francisco, Beijing and Sydney. Chardan provides a wide array of banking and advisory services to public and private companies and institutional investors around the world including Initial Public Offerings (IPOs), Private Investments in Public Equity (PIPEs), Specified Purpose Acquisition Companies (SPACs), Merger and Acquisition Advisory Services, Debt Financing, Private Equity Financing, Venture Capital Financing, Equity/Derivatives Trading, Non Deal Road Shows, Third Party Marketing of Hedge Funds, Research and Restructuring.
