By Devika Patel
Knoxville, Tenn., Sept. 4 - Virtual China Travel Services Co., Ltd. announced it plans a C$35 million private placement of shares, concurrent with its acquisition of Melco China Resorts Investment Ltd. from Melco International Development Ltd.
The company plans to sell up to 350,000,000 common shares at C$0.10 apiece to Melco International.
Proceeds will be used for the development of the ski resort properties that Melco China Resorts is in the process of acquiring and general and administrative expenses as well as debt repayment.
Virtual China Travel Services, based in Vancouver, B.C., focuses on the e-travel sector in China and offers multimedia solutions to assist in the promotional efforts of hotels, tourism related operations, retailers and government organizations.
| Issuer: | Virtual China Travel Services Co., Ltd.
|
| Issue: | Stock
|
| Amount: | C$35 million
|
| Shares: | 350,000,000
|
| Price: | C$0.10
|
| Warrants: | No
|
| Investor: | Melco International Development Ltd.
|
| Pricing date: | Sept. 4
|
| Stock symbol: | TSX Venture: CTX-H
|
| Stock price: | C$0.065 at close Sept. 4
|
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