Rodobo International, Inc. announced that it has raised capital in a private offering of common stock and warrants to a group of institutional investors. The company said that the proceeds would be used for general corporate purposes, including capital expenditures, working capital or acquisitions.
Rodobo International, Inc. will issue 1.11 million shares of common stock at a price of $2.70 per share. The private offering will raise $3 million in proceeds before expenses.
The institutional investors also received warrants to purchase approximately 555,000 shares of Rodobo International, Inc. common stock. The warrants are exercisable immediately and entitle the holder to buy shares at $3.50 per share. The warrants expire in 5 years.
Rodobo International, Inc. said that Rodman & Renshaw Capital Group, Inc. (RODM) and FT Global Capital, Inc. served as co placement agents for the offering. The offering is expected to close on June 21, 2010.
Rodobo International, Inc. is a dairy company located in Heilongjiang province in China. The company produces and sells milk formula products that are distributed in more than 4,000 retail outlets.
For more information on the company, go to www.rodobo.com