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Article: Xinhua Sports & Entertainment Limited Raises $7.5 Million in Registered Direct Offering.
- Article from:
- Entertainment Newsweekly
- Article date:
- November 13, 2009
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Xinhua Sports & Entertainment Limited ("XSEL" or the Company"; Nasdaq: XSEL), a leading sports and entertainment media company in China, announced that it has entered into definitive agreements to sell 5,514,705 American depository shares ("ADS") at a price per ADS of $1.36 in a registered direct offering to several select institutional investors, representing gross proceeds of $7.5 million.
Investors will also receive two series of warrants to purchase up to an aggregate of 14,889,703 class A common shares of the Company (equivalent to approximately 7,444,851 ADS). The Series A warrants to purchase up to 3,860,293 class A common shares (equivalent to ...