Proceeds will help expand company's ocean freight business in China
By Devika Patel
Knoxville, Tenn., Oct. 29 - Grand Power Logistics Group Inc. said it completed a private placement of stock. The deal raised C$2 million via 16,666,667 common shares at C$0.12 apiece.
The price per share reflects a 14.29% discount to the Oct. 28 closing share price of C$0.14.
Proceeds will be used by the company 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 air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution as well as other value-added services.
| Issuer: | Grand Power Logistics Group Inc.
|
| Issue: | Common shares
|
| Amount: | C$2 million
|
| Shares: | 16,666,667
|
| Price: | C$0.12
|
| Warrants: | No
|
| Settlement date: | Oct. 29
|
| Stock symbol: | TSX Venture: GPW
|
| Stock price: | C$0.14 at close Oct. 28
|
| Market capitalization: | C$7.39 million
|
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