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Brean Murray, Carret & Co. Serves as Co-Placement Agent in $21.7 Million Registered Direct Offering for China Valves Technology, Inc.
Monday, December 28, 2009
China Valves Technology, Inc. (NasdaqGM: CVVT), a leading metal valve manufacturer with operations in the People's Republic of China, closed a registered direct offering of 2,747,447 shares of common stock at $9.00 per share for gross proceeds of approximately $24.7 million. In addition, the Company issued warrants to purchase 362,116 shares of common stock, in the aggregate, at a price of $9.00 per share, exercisable for 30 days. The Company intends to use the net proceeds from the offering for working capital and certain identified acquisitions. Brean Murray, Carret & Co. served as Co-Placement Agent in connection with the offering.
China Valves Technology is engaged in the development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the most recognized brand names in China's valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products by extensive research and development and owns a number of patents. It enjoys significant domestic market shares and exports to Asia and Europe.
Brean Murray, Carret’s Investment Banking Group is dedicated to helping our clients achieve their strategic and financial goals. For over 35 years, the Firm has specialized in providing underwriting, financing, M&A advisory and independent financial advisory services. As demonstrated by our track record, Brean Murray, Carret’s industry knowledge, commitment and experience are critical to ensure a successful transaction.
For further details regarding this transaction or Brean Murray, Carret’s Investment Banking practice, please contact Richard Serrano, Managing Director, at 212.702.6506, John Fletcher, Managing Director, at 212.702.6521 or Derek Woodworth, Managing Director, at 212.702.6545. |
