Home / Knowledge / News / Textiles / China Linen Textile completes convertible note financing
China Linen Textile completes convertible note financing
09
Nov '10
China Linen Textile Industry, Ltd., a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced that it has consummated a private placement to a group of institutional and accredited investors for approximately $7 million of 7.5% notes that are convertible into the Company's ordinary shares. The offering will result in gross proceeds of approximately $6.4 million to the Company.

The 7.5% note carries a fixed conversion price of $1.52, which is equal to 115% of the 10-day volume weighted average price prior to November 3, 2010, and carries a 2-year term. Assuming full conversion of the notes issued to investors, the company would expect to issue approximately 4,634,869 ordinary shares. There were no warrants issued in this offering. The total outstanding ordinary shares of the Company after conversion and exercise would be approximately 24,849,872 shares.

Net proceeds from the offering are expected to fund the acquisition of Lanxi Tianxianfang Linen Co., Ltd, which includes a 23,358 square foot building in Lanxi Town, China, a spinning production line with an annual capacity of approximately 620 tons of linen yarn, and a bleaching factory with annual capacity to bleach 10 million meters of linen fabric., which the Company is currently leasing.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., acted as placement agent for the transaction.

China Linen Textile Industry, Ltd. is principally engaged in the production and sale of linen yarn and various types of linen fabric. The Company is also involved in consultation and R&D related to linen technology and linen products.

China Linen Textile Industry Ltd

Must ReadView All

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Courtesy: Gucci/Pantone

Textiles | On 9th Dec 2016

Pantone announces greenery as colour of the year 2017

Pantone, an X-Rite company and the global authority on colour and...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search