China Marine Food Group Ltd. (CMFO) announced that it entered into definitive agreements to sell 4.62 million shares of common stock at a price of $6.50 per share.
Net proceeds, after underwriting discounts and commissions and before offering expenses payable by the Company, will be about $28.50 million. The offering is subject to customary closing conditions and is expected to close on January 25, 2010.
The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
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