Key Developments For China Precision Steel, Inc.
China Precision Steel, Inc. (CPSL.O) (Consolidated Issue listed on NASDAQ Capital Market)
China Precision Steel, Inc. Files Universal Shelf Registration Statement
China Precision Steel, Inc. announced that it has filed a universal shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the SEC), on December 30, 2008. The shelf registration, when declared effective, will permit China Precision Steel to issue up to an aggregate of $40 million in securities. The Company does not have any commitments or current intentions to sell securities under the registration statement at this time.
China Precision Steel, Inc. Issues FY 2008 Revenue Guidance Above Analysts' Estimates
China Precision Steel, Inc. announced that for fiscal 2008, it expect revenues of $87.7 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $75.4 million for the same period. The Company cited increased sales of high-carbon, cold-rolled products, subcontracting income and exports of low-carbon, hard rolled products as the primary reasons for this positive outlook.
China Precision Steel, Inc. Engages Moore Stephens As New Accounting Firm
China Precision Steel, Inc. announced that it has engaged the public accounting firm Moore Stephens P.C. as the Company's new independent registered public accounting firm.
China Precision Steel, Inc. Closes $47.9 Million Financing
China Precision Steel, Inc. announced that it has successfully completed the sale to certain institutional investors of an aggregate of 7,100,000 shares of its common stock at a purchase price of $6.75 per share and an aggregate of 1,420,000 warrants to purchase its common stock, for gross proceeds of $47,925,000.
China Precision Steel, Inc. Announces $47.9 Million Financing
China Precision Steel, Inc. announced that it has entered into subscription agreements with certain institutional investors pursuant to which China Precision Steel agreed to issue and sell an aggregate of 7,100,000 shares of its common stock at a purchase price of $6.75 per share and an aggregate of 1,420,000 warrants to purchase its common stock, for gross proceeds of $47,925,000. Approximately $18 million of the net proceeds, after payment of fees and expenses related to the offering, will be used to purchase a new hydrogen annealing furnace and a new 1700 mm cold roll mill, approximately $22 million will be used to repay certain existing bank debt, and the balance will be available for general corporate purposes.
