China Development Group Corp. (CTDC)

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CDTC up 17% on no news

maybe this private placement (PIPE) has something to do with it (ie the PIPEsters are pumping it)


CTDC Announces Agreement to Raise $1,500,000 Through Private Placement of Common Equity
Wednesday September 24, 8:45 am ET


HONG KONG, Sept. 24, 2008 (GLOBE NEWSWIRE) -- China Technology Development Group Corporation (NasdaqCM:CTDC - News) (``CTDC' or ``the Company'), a provider of solar energy products and solutions in China focusing on a-Si thin-film technology, today announced that it has executed a Securities Purchase Agreement (``the agreement') to raise $1,500,000 in a private placement of common stock and warrants with several U.S. institutional accredited investors.
Under the agreement, CTDC will issue 498,338 shares of its common stock at the price of $3.01 per share with 50% warrant coverage at exercise price of $6.00 per share through a private placement. The warrants will have a five-year term following the closing of this transaction. The Company intends to use the proceeds from the financing to prepare for the manufacturing band expansion of the SnO2 solar base plates as well as for working capital and general corporate purposes. (ie salaries, lol) For all details of the offering, please visit Company's SEC Filings of the 6K, http://www.nasdaq.com/asp/quotes_sec.asp?selected=CTDC&symbol=CTDC, filed by 9:00 a.m. EDT on Wednesday, September 24, 2008.


Press Release Source: China Technology Development Group Corporation


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