China Select Closes $500,000 Private Placement
May 21 2010 - 8:30AM
Marketwired
China Select Capital Partners Corp. (TSX VENTURE: CH) ("China
Select"), a Canada-based investment issuer and asset management
firm focused on managing and facilitating foreign investment in the
private equity RMB fund industry in China, today announced that it
has closed a private placement round totalling 2,500,000 units at
$0.20 per unit for $500,000 on identical terms to its last round of
financing which was completed in connection with the closing of the
qualifying transaction. Each unit consists of one previously
unissued common share and one-half of one share purchase warrant
("Warrant"). Each whole Warrant will entitle the holder, on
exercise, to acquire one additional common share at a price of
$0.40 per common share at any time until May 20, 2011 and
thereafter at a price of $0.60 per common share until May 20, 2012.
The expiration date of the Warrants is subject to acceleration in
the event that the 30 day volume-weighted trading price of the
company shares exceeds $0.70 in the first year after closing and
$0.84 in the second year after closing.
The proceeds will be used primarily towards licensing fees
related to the company's application and license to manage
RMB-denominated private equity funds in China. On May 17, 2010, the
company announced that it had received a business certificate from
the municipal government of Suzhou Industrial Park as an onshore
fund management company.
China Select management and insiders' direct investment in this
financing accounted for approximately $40,000 of the $500,000 total
private placement gross proceeds on terms identical to the
investors.
On behalf of the board of CHINA SELECT CAPITAL PARTNERS
CORP.
Min Kuang, President, Chief Operating Officer and Director
About China Select Capital Partners Corp.
China Select Capital Partners is a Canada-based investment
issuer and asset management firm focused on facilitating foreign
investment in the private equity RMB fund industry. China Select
invests in leading private and public companies whose businesses
involve later-stage renewable energy, environmental technology or
other selected sectors and identifies an exit strategy either in
China or North America. China Select's management team is composed
of talented and experienced investment professionals combining an
Asian background with Western education and extensive experience in
investment banking, venture capital and venture fund management in
Canada, China and the U.S.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: China Select Capital Partners Corp. Joseph Fodor Chief
Executive Officer (604) 689-0618 jfodor@chinaselectcapital.com
China Select Capital Partners Corp. David Yoo Managing Director
(604) 689-0618 dyoo@chinaselectcapital.com
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