Sale to allow expansion of ocean freight business in southern China
By Susanna Moon
Chicago, Oct. 25 - Grand Power Logistics Group Inc. said it plans to offer by way of a non-brokered private placement up to 16.67 million common shares at C$0.12 each for up to C$2 million.
Grand Power priced the shares at a 14.29% discount to its closing price on Oct. 20.
Proceeds will be used to expand its ocean freight business in southern China and its direct sales activities.
Based in Calgary, Alta., Grand Power operates principally through its Hong Kong-based subsidiary, Grand Power Express International Ltd., and provides airfreight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution.
| Issuer: | Grand Power Logistics Group Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Shares: | 16,666,667
|
| Price: | C$0.12
|
| Warrants: | No
|
| Pricing date: | Oct. 25
|
| Stock symbol: | Canada: GPW
|
| Stock price: | C$0.14 at close Oct. 20
|
| Market capitalization: | C$7.39 million
|
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