New Issue: China Carbon seals $2.59 million placement of convertible preferreds

By Devika Patel

Knoxville, Tenn., Dec. 29 - China Carbon Graphite Group, Inc. raised $2.59 million from a private placement of series B convertible preferred stock on Dec. 22, according to an 8-K filed Monday with the Securities and Exchange Commission. Maxim Group LLC was the agent.

The company sold 2,160,500 preferreds. They are convertible into common stock at $1.20 per share. The company pays an annual dividend of $0.072 per preferred. It may redeem the preferreds at a redemption price of $1.32 per preferred.

The investors also received warrants for 864,000 shares. The warrants are exercisable at $1.30 until Dec. 22, 2014.

The holding company is based in Chengguantown, China.

Issuer:	China Carbon Graphite Group, Inc.
Issue:	Series B convertible preferred stock
Amount:	$2,592,600
Shares:	2,160,500
Dividends:	$0.072 per year
Conversion price:	$1.20
Redemption:	At $1.32 per preferred
Warrants:	For 864,000 shares
Warrant expiration:	Dec. 22, 2014
Warrant strike price:	$1.30
Agent:	Maxim Group LLC
Settlement date:	Dec. 22
Stock symbol:	OTCBB: CHGI
Stock price:	$1.38 at close Dec. 22

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