socialmedian: Himfr com Reports China Wind Systems Inc Raises 2 4 Million In Private Placement

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Himfr com Reports China Wind Systems Inc Raises 2 4 Million In Private Placement

Submitted by Motown Terri from blog

Nov 06, 2009

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Author : Tian Li

China Wind Systems, Inc (OTC Bulletin Board: CHWY) ("China Wind Systems" or the "Company"), a leading supplier of forged products and industrial equipment to the wind power and other industries in China, today announced the closing on October 23, 2009 of a private placement financing with a group of accredited investors led by Barron Partners LP for 2 4 million shares of series A convertible preferred stock at a purchase price of $1 00 per share

The series A preferred stock is the same series of preferred stock that was issued in the Company's November 2007 private placement

Since the Company recently completed a one-for-three reverse split for its common stock, each share of series A preferred stock is presently convertible into one-third share of common stock

In connection with the stock sale, Barron Partners, who purchased 1,500,000 shares of series A preferred stock in the financing, entered into a voting agreement with Jianhua Wu , the Company's chief executive officer, pursuant to which Mr Wu has the right to vote the series A preferre ...Read the full article

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