BEIJING, March 27, 2012 /PRNewswire-Asia-FirstCall/ --
China Shen Zhou Mining & Resources, Inc.
("China Shen
Zhou", or the
"Company") (NYSE Amex: SHZ), a company
engaged in the exploration, development, mining and processing of
fluorite, barite, zinc, copper, and other nonferrous metals in
China, today announced that the
company completed the initial closing of the previously announced
offering of Series A Convertible Preferred Stock of the Company on
Monday, March 26, 2012. The
initial gross proceeds of the transaction were $5.0 million.
At the initial closing, the company issued 5,000 shares of
Series A Convertible Preferred Stock and warrants to purchase
1,960,785 shares of common stock of the company. The company
also issued a warrant to purchase 392,157 shares of common
stock of the company to the placement agent.
Ms. Xiaojing Yu, CEO of
China Shen Zhou, commented,
"China Shen Zhou's long-term growth
strategy is largely driven by acquisition of high value assets in
the non-ferrous material market segment, including fluorite mines
and processing plants. This transaction will enable us to
finance several recent purchases, as well as implement necessary
infrastructure upgrades in order drive sales expansion in existing
segments and enter new value-added market segments, like barite
processing."
The securities described above are being offered by the Company
pursuant to a registration statement previously filed and declared
effective by the Securities and Exchange Commission (the
"SEC"). A prospectus supplement related to the preferred
stock and warrant offering will be filed with the SEC. The
securities may be offered only by means of a prospectus, including
a prospectus supplement, forming a part of the effective
registration statement. Copies of the final prospectus
supplement and accompanying base prospectus may be obtained at the
SEC's website at www.sec.gov.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the Company's securities. No
offer, solicitation, or sale will be made in any jurisdiction in
which such offer, solicitation, or sale is unlawful. The terms and
conditions of the transactions described in this press release are
qualified in their entirety by reference to the transaction
documents, which have been filed with the Securities and Exchange
Commission on Form 8-K.
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its
subsidiaries, is engaged in the exploration, development, mining,
and processing of fluorite, barite and nonferrous metals such as
zinc, lead and copper in China.
The Company has the following principal areas of interest in
China: (a) fluorite extraction and
processing in the Sumochaganaobao region of Inner Mongolia;
(b)fluorite and barite extraction and processing in the Wuchuan
County of Guizhou province
(c)fluorite and barite extraction and processing in the Yanhe
County of Guizhou province.(d)fluorite extraction and processing in
Jingde County, Anhui Province; (e) zinc/copper/lead processing in
Wulatehouqi of Inner Mongolia; and (f) zinc/copper exploration,
mining and processing in Xinjiang.
For more information, please visit
http://www.chinaszmg.com/.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Forward-looking statements can be identified by the use
of forward-looking terminology such as "will", "believes",
"expects" or similar expressions. These forward-looking statements
may also include statements about our proposed discussions related
to our business or growth strategy, which is subject to change.
Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties and
contingencies beyond our control and upon assumptions with respect
to future business decisions, which are subject to change. We do
not undertake to update the forward-looking statements contained in
this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings.
Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR) at
http://www.sec.gov.
Contact Information
Min Liu
Investor Relations
Grayling
Tel: +1-646-284-9413
min.liu@grayling.com
SOURCE China Shen Zhou Mining & Resources, Inc.