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Tianli Agritech, Inc. Completes $3.84 Million Private Placement
WUHAN CITY, China, June 18, 2014 /PRNewswire/ -- Tianli Agritech, Inc. (NASDAQ:OINK) ("Tianli" or the "Company"), a leading producer of breeder hogs, market hogs and black hogs headquartered in Wuhan City, China, today announced that the Company has completed a $3.84 million private placement of its common stock (the "Offering") to Mr. Houliang Yu, a citizen of the PRC.
Pursuant to a Regulation S Subscription Agreement entered into on June 6, 2014, the Company issued and sold 1.6 million shares of its common stock (the "Shares") to Mr. Yu for an aggregate consideration of $3.84 million, or $2.40 per share. The offering price represents an approximately 11.6% premium over the closing price of $2.15 on June 6, 2014. Upon completion of the Offering, the Company had 21,164,000 common shares outstanding, of which Mr. Yu owns approximately 7.56%. The Company intends to use the proceeds from this Offering and cash on hand to pursue accretive M&A opportunities.
Mr. Yu currently resides in Wuhan City, Hubei Province and serves as Chief Financial Officer of Aoxin Holdings Co. Ltd. ("Aoxin"), a diversified holding company whose main business is in industrial park development and operations. Mr. Ping Wang, Tianli's Chairman and Chief Executive Officer, is a major shareholder and Chairman of Aoxin. As a condition of the Offering, Mr. Yu agreed not to sell the Shares for 12 months and thereafter at not less than $2.40 per share.
About Tianli Agritech, Inc.
Tianli Agritech, Inc. is in the business of breeding, raising and selling breeder and market hogs in China and is developing a retail channel for its pork products including high-value, black hog meat. The Company is focused on growing high quality hogs for sale for breeding and meat purposes. The Company conducts genetic, breeding and nutrition research to steadily improve its production capabilities.
