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LJ International completes private placement
28 Sep '06
2 min read
LJ International Inc, one of the fastest-growing jewelry companies in the world, announced that it has completed a private placement of 1,466,668 common stock at a purchase price of $3.75 per share to a group of institutional investors.
The gross proceeds from the private placement, approximately $5.5 million, is expected to be used towards the expansion of the Company's ENZO retail jewelry chain in China.
The investors will also receive two sets of warrants. The first warrant will represent a 5-year option to purchase an additional 366,668 common shares at $4.50 per share.
The second warrant will represent an option to purchase an additional 236,909 common shares at $4.22 per share for up to 90 days after the effectiveness of the registration statement.
The private placement was made only to accredited institutional investors in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").
The shares of common stock and warrants issued, as well as the shares of common stock issuable upon exercise of the warrants, have not been registered under the Securities Act or any state securities laws.
Unless so registered, they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act or applicable state securities laws.
The gross proceeds from the private placement, approximately $5.5 million, is expected to be used towards the expansion of the Company's ENZO retail jewelry chain in China.
The investors will also receive two sets of warrants. The first warrant will represent a 5-year option to purchase an additional 366,668 common shares at $4.50 per share.
The second warrant will represent an option to purchase an additional 236,909 common shares at $4.22 per share for up to 90 days after the effectiveness of the registration statement.
The private placement was made only to accredited institutional investors in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").
The shares of common stock and warrants issued, as well as the shares of common stock issuable upon exercise of the warrants, have not been registered under the Securities Act or any state securities laws.
Unless so registered, they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act or applicable state securities laws.
LJ International Inc
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