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Article: American Dairy Announces Private Placement With Sequoia Capital.

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PR Newswire
Article date:
August 12, 2009
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BEIJING and LOS ANGELES, Aug. 12 /PRNewswire-FirstCall/ -- American Dairy, Inc. ("American Dairy" or the "Company"), one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China, today announced that it has entered into a definitive agreement with Sequoia Capital pursuant to which the Company has agreed to issue 2.1 million shares of its common stock to Sequoia Capital for an aggregate purchase price of $63.0 million. The aggregate purchase price includes $47.0 million in cash and the conversion of a $16.0 million bridge loan the Company received from Sequoia Capital on July 29, 2009.

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