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Article Excerpt
M2 PRESSWIRE-4 September 2008-Stockwire.com: China BAK Battery Inc. (Nasdaq GM: CBAK) just released some important news.(C)1994-2008 M2 COMMUNICATIONS LTD
RDATE:04092008
China BAK Battery Inc. (Nasdaq GM: CBAK) just announced Closing of a $16 Million Registered Direct Offering and Raising Guidance.
A dedicated Chat Room for China BAK Battery Inc., has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
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SHENZHEN, China, Sept 04, 2008 - China BAK Battery Inc. (Nasdaq GM: CBAK), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, announced today that it has closed a Registered Direct Offering of 4,102,564 shares of its common stock at $3.90 per share, for an aggregate purchase price of $16 million. Pursuant to the Securities Purchase Agreement, the investors also received warrants to purchase an aggregate of 4,102,564 additional shares of the Company's common stock (together with the New Shares, the "Shares") at an exercise price of $3.90 per share. The warrants are exercisable for 60 days beginning on the date of the initial issuance of the warrants.
The Company expects to use the net proceeds of...
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