Sale of holding in Lihua International, Inc.
January 08 2010 - 2:00AM
UK Regulatory
TIDMVOC
RNS Number : 2297F
Vision Opportunity China Fund Ltd
08 January 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED
STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN
8 January 2010
Vision Opportunity China Fund Limited
(the "Company" or "VOC")
Sale of holding in Lihua International, Inc.
Vision Opportunity China Fund Limited (AIM: VOC.L) today announces that it has
converted all its Series A Convertible Preference Stock and has exercised all
its Series A Warrants in Lihua International, Inc. ("Lihua")(NASDAQ:LIWA) and
has sold all of the issued shares of Common Stock resulting from such conversion
and exercise. The total gross proceeds of approximately US$32.0 million from
the Common Stock sales resulted in a realised gain of 339% on the total amount
invested.
VOC initially invested US$7 million in Lihua on 31 October 2008. In return for
its investment, it received:
a) Series A Convertible Preferred Stock convertible into 3,181,818 shares of
Lihua's Common Stock at a conversion price of $2.20 per share; and
(b) 5 year Series A Warrants to purchase up to 700,000 shares of Lihua's Common
Stock at an exercise price of $3.50 per share.
VOC intends to invest the sale proceeds according to its stated Investment
Policy.
For further information, please contact:
Vision Opportunity China Fund Limited
David Benway / Adam BenowitzTel: +1 (212) 849 8225
Canaccord Adams Limited Tel: +44 (0)20 7050 6500
Robert Finlay / Guy Blakeney
Financial Dynamics Tel: +44 (0)20 7269 7132
Ed Gascoigne-Pees / Ed Berry
NOTE TO EDITORS
Vision Opportunity China Fund Limited is a closed-ended listed fund traded on
AIM. VOC primarily invests directly in listed companies with operations
principally within Greater China.
Greater China is a collective term for the territories administered by the
People's Republic of China, those administered by the Republic of China and
Singapore.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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