China Technology Development Group Corporation, the BVI-registered company providing solar energy products and solutions in China, announced recently that it has executed a Securities Purchase Agreement with several U.S. institutional accredited investors. Under the terms of this Agreement, the BVI company will raise $1,500,000 through private placement of common equity and warrants, by issuing 498,338 shares of its common stock at the price of $3.01 per share with 50% warrant coverage at exercise price of $6.00 per share through a private placement.
The warrants will have a five-year term following the closing of this transaction, and the proceeds are intended to be used by the China Technology Development Group Corporation (BVI) for preparing of the manufacturing band expansion of the SnO2 solar base plates, for working capital and for general corporate purposes.