The shares were sold pursuant to a prospectus supplement dated July 10, 2013 to the Company's registration statement on Form S-3. The Company did not engage a placement agent with respect to the sale. The Company paid a fee of 10% and a non-accountable expense allowance of 2%, for a total of $84,892, to Fernando Liu with respect to the sale made to an investor introduced to the Company by Mr. Liu who is not a U.S. Person.
The net proceeds received by the Company from the sale of the shares were approximately $620,000. The Company will use the proceeds for working capital and other general corporate purposes. The Company does not anticipate raising equity capital for the balance of 2013.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers and supplies dyeing and finishing equipment to the textile industry. Cleantech Solutions is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base.
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