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Grinm Semiconductor Materials Co Ltd to Issue New Shares for Equity Acquisition and Equity Financing

Thursday, 13 Jun 2013 08:00pm EDT 

Grinm Semiconductor Materials Co Ltd announced that it has decided to issue 110,691,500 shares to nine companies, at the price of RMB 11.26 per share, through private placement, to acquire a 85% stake in Grirem Advanced Materials Co., Ltd, 95.65% stake in Grikin Advanced Materials Co., Ltd, 96.47% stake in GRINM Electro-optic Materials Co., Ltd., as well as some equipments from General Research Institute for Nonferrous Metals. The Company will also issue new shares for equity financing to raise up to RMB 415,462,100. The Company will use the proceeds as working capital.