Business
ASIA BIO-CHEM GROUP CORP. ANNOUNCES $10 MILLION EQUITY FINANCING TO FINANCE A DOWNSTREAM EXPANSION PROJECT
Jan. 12, 2011 (Canada NewsWire Group) -- NOT FOR DISTRIBUTION TO UNIT ED STATES NEWSWIRE SE...
About this update from Absolutely Critical Resources Corp.
[{"type":"text","content":"\n\n\n\n Jan. 12, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES \nOR FOR DISSEMINATION IN THE UNITED STATES\n\n\nTORONTO, Jan. 12 /CNW/ - Asia Bio-Chem Group Corp. (TSX: ABC) ("Asia\n Bio-Chem" or the "Company") announced today that it has entered into an\n agreement to sell to a syndicate of underwriters led by Canaccord\n Genuity Corp. (the "Underwriters"), on a bought deal basis, 7,200,000\n common shares ("Common Shares") at a price of $1.40 per Common Share\n for gross proceeds to the Company of approximately $10 million (the\n "Financing").\n\n\nThe Company has also granted the Underwriters an over-allotment option\n to purchase up to an additional 1,080,000 Common Shares on the same\n terms and conditions, exercisable at any time, in whole or in part, up\n to 30 days after the closing of the Financing. The Financing is\n expected to close on or about February 1, 2011 and is subject to\n regulatory approval.\n\n\nThe net proceeds of the offering will be used to fund the construction\n of a downstream production facility at the Company's existing Daqing\n plant. Asia Bio-Chem will use approximately 250,000 tonnes of\n cornstarch produced annually at its Daqing plant for further processing\n into downstream products including crystallized glucose and may include\n other products such as maltodextrin and/or sorbitol.  The Company\n expects these new downstream pro...