Huifeng Bio-Pharmaceutical raises $2 million from convertible debt

By Laura Lutz

Des Moines, Dec. 31 - Huifeng Bio-Pharmaceutical Technology, Inc. closed a private placement of convertible debt for $2 million, according to a news release.

The debt is convertible into common stock at $1.00 per share.

Primary Capital LLC was the placement agent.

Proceeds will be used for acquisitions of companies in the Shaanxi Province of China.

Based in Xi'an, China, Huifeng produces raw materials for pharmaceutical, neutraceutical and food production. The company's stock gained 39.9 cents, or 114%, to close at $0.749 on Monday (OTCBB: HFGB).

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