Golden Elephant Glass Technology Inc., a leading China-based float glass manufacturer, has announced that it successfully closed a private placement of its capital stock whereby it received around $5M in gross offering proceeds, before payment of commissions and fees. A total or around 3.3M shares were placed in the private placement at a price of $1.52/per share. The shares represented approximately 11.8% of the issued and outstanding capital stock of the firm on a fully-diluted basis. The company will use the net proceeds from he private placement for general working capital purposes and expansion of current business. For the year ending Dec/07, the company reported consolidated net sales of around $38M and consolidated net income of around $7M.
