HAIKOU, China, Dec. 29, 2010 /PRNewswire-Asia/ -- Shiner International, Inc. today announced the completion of a $3.13 million private placement equity financing. Under the terms of the transaction, a total of 2,608,334 shares of common stock, as well as warrants priced 25% above the current market price. Further details of the financing will be available in a current report on Form 8-K that the Company expects to file with the SEC shortly.
The proceeds of the private placement are expected to be used to effectuate strategic acquisitions, as well as for general corporate and working capital purposes. Investment bank Roth Capital Partners LLC provided financial advisory services to Shiner in conjunction with the financing.
Qingtao Xing, the Chief Executive Officer of Shiner, commented: "We are pleased to receive this vote of confidence from new investors and current investors, many of whom have demonstrated strong support for our Company throughout the years. We believe that the improving financial results that we have delivered over the past few quarters are justification of their support and confirmation of the market's growing demand for our packaging solutions. The financing is intended to help us maintain a greater amount of working capital and allow us to further our strategic growth initiative of seeking out acquisitions that enhance Shiner's leadership position in the food safety packaging industry. We are looking for acquisition opportunities that give us the ability to use or own advanced technologies, to control key raw materials, or to access large customers."
Harleyman
