China Green Agriculture, Inc. Announces the Completion of Registered Direct Offering
17 Décembre 2009 - 11:03PM
PR Newswire (US)
XI'AN, China, Dec. 17 /PRNewswire-Asia-FirstCall/ -- China Green
Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or "the
Company"), a leading producer and distributor of humic acid ("HA")
based compound fertilizer through its wholly owned subsidiary,
Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., today
announced that it has completed the sale of an additional 320,512
shares of common stock at the public offering price of $15.60 per
share, pursuant to the exclusive right granted to Rodman &
Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw
Capital Group, Inc. (NASDAQ: RODM) to place an additional $5
million of securities in connection with its public offering dated
November 25th, 2009. This placement brings the total number of
shares sold by the Company in this public offering to 1,602,564 and
total net proceeds of the public offering of approximately $24.5
million, after deducting underwriting commissions and before other
offering expenses payable by the Company. The Company intends to
use all of the net proceeds for working capital purposes. The
shares were sold under the Company's previously filed shelf
registration statement, which was declared effective by the
Securities and Exchange Commission on June 12, 2009. Rodman &
Renshaw acted as the exclusive placement agent for the transaction.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful. About China Green
Agriculture, Inc. China Green Agriculture, Inc. produces and
distributes humic acid ("HA") based compound fertilizer through its
wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product
Co., Ltd., ("Jinong"). Jinong produces and sells over 130 different
kinds of fertilizer products per year. All of Jinong's fertilizer
products are certified by the PRC government as green food
production materials, as stated by the China Green Food Research
Center. Jinong's liquid based fertilizers are highly concentrated
liquids which require an application of approximately 120 ml per mu
per application. Its average end user has approximately four mu of
land (one mu = .165 acres). Jinong also has the capacity to produce
highly concentrated powdered fertilizers. China Green Agriculture
currently markets its fertilizer products to private wholesalers
and retailers of agricultural farm products in 21 provinces, 4
autonomous regions and 3 municipal cities in the PRC. The leading
five provinces which collectively accounted for 36.0% of the
Company's fertilizer revenue for the three months ended September
30, 2009 are Shandong (10.5%), Shaanxi (8.3%), Heilongjiang (6.4%),
Henan (5.6%) and Anhui (5.2%). For more information, visit
http://www.cgagri.com/ . Safe Harbor Statement This press release
contains forward-looking statements concerning the Company's
business, products and financial results. The Company's actual
results may differ materially from those anticipated in the
forward-looking statements depending on a number of risk factors
including, but not limited to, the following: general economic and
business conditions, development, shipment, market acceptance,
additional competition from existing and new competitors, changes
in technology, and various other factors beyond the Company's
control. All forward-looking statements are expressly qualified in
their entirety by this Cautionary Statement and the risk factors
detailed in the Company's reports filed with the Securities and
Exchange Commission. China Green Agriculture undertakes no duty to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this release. For more
information, please contact: In the US: China Green Agriculture,
Inc. Ms. Ying Yang, Chief Financial Officer Tel: +1-626-623-2575
Email: HC International, Inc. Ted Haberfield, Executive VP Tel:
+1-760-755-2716 Email: In China: China Green Agriculture, Inc. Mr.
Jonnie Wang, Secretary of Board, Investor Relations Officer Tel:
+86-29-8826-6368 Email: DATASOURCE: China Green Agriculture, Inc.
CONTACT: in the US, Ms. Ying Yang, Chief Financial Officer of China
Green Agriculture, Inc., +1-626-623-2575, ; or Ted Haberfield,
Executive VP of HC International, Inc., +1-760-755-2716, ; or in
China, Mr. Jonnie Wang, Secretary of Board, Investor Relations
Officer of China Green Agriculture, Inc., +86-29-8826-6368, Web
site: http://www.cgagri.com/
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