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Article: China Pacific announces conclusion of private placement.
- Article from:
- Business Wire
- Article date:
- January 20, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES--(BUSINESS WIRE)--Jan. 20, 1997--China Pacific Inc. (NASDAQ Small Cap: CHNA) announced that on Jan. 15, 1997 it concluded a private placement of $15 million of two-year 9 percent Convertible Notes through Bookook Securities Co. Ltd. of Seoul, South Korea.
The notes can be converted at various times into common shares of the company at prices ranging from $4.00 to $8.00 per share. The unconverted notes, if any, mature on Jan. 15, 1999.
Clement Mak, president of the company, stated the proceeds from these notes will be used for working capital requirements to cope with the increase in sales and strengthen the financial resources of ...
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