Key Developments For AgFeed Industries, Inc.
AgFeed Industries, Inc. (FEED.O) (Consolidated Issue listed on NASDAQ Global Market)
AgFeed Industries, Inc. Announces $50 Million Equity Credit Transaction
AgFeed Industries, Inc. announced that it has entered into a two year Equity Credit Agreement with an institutional investor pursuant to which it may, from time to time, sell shares of its common stock to the investor for aggregate gross proceeds of up to $50,000,000. The shares would be sold to the investor at a slight discount to then-current market price of AgFeed common stock. The Company has no obligation to sell, nor does the investor have any right to force the Company to sell, to the investor any shares of its common stock at any time during the term of the agreement. Additionally, the Company is not prohibited from accessing other sources of financing at any time during the term of the agreement. Any decision to sell shares under this agreement will be made solely by the Company and its Board of Directors at the time of a proposed sale. The Company also agreed to issue to the investor warrants to purchase 400,000 shares of its common stock at an exercise price of $5.75 per share. The warrants will be exercisable immediately after issuance, and have a term of five years.
AgFeed Industries, Inc. Announces Formation Of A Joint Venture With M2P2
AgFeed Industries, Inc. announced the formation of a joint venture with M2P2, a U.S. hog production and industry management consulting company. The new company, AgFeed International Protein Technology Corp. will focus on enhancing hog production systems for Chinese and other Pan Asian clients based on modern western standards to increase productivity and ensure the highest bio-security health standards in the Pan Asian hog industry. The joint venture was formed to take advantage of the coming commercialization and consolidation of the hog industry being fostered by the Chinese central and local governments. The joint venture has commenced operations on July 13, 2009, and AgFeed Industries is the joint venture's first client. The new company will be owned 80.1% by AgFeed Industries and certain affiliates and 19.9% by M2P2.
AgFeed Industries, Inc. Signs Letter Of Intent To Create Joint Venture To Establish Pan Asian Pork Production Management Company Using Western Technology
AgFeed Industries, Inc. announced that it has entered into a letter of intent to form a joint venture with M2P2, a US hog production and industry management consulting company., M2P2 merges expertise in all phases of hog production, from birth to market, into one company., M2P2 operates in six states throughout the U.S. and owns and operates 28,500 sows and finishes 1,200,000 market hogs annually. The joint venture will be a Pan Asian based production management company focused on introducing the western model of modern production systems. The management services offered will include facility planning, international staff training, science based genetics, bio security and interactive information systems to upgrade pork production systems throughout Asia.
AgFeed Industries, Inc. Announces $10 Million Private Placement
AgFeed Industries, Inc. announced that it has agreed to sell 2,329,645 shares of its common stock at a price of $4.2925 per share (approximately $10 million in the aggregate) to several institutional investors in a private placement transaction referred to as a PIPE transaction.
AgFeed Industries, Inc. Names Selina Jin Chief Financial Officer
AgFeed Industries, Inc. announced that Selina Jin has been appointed as its Chief Financial Officer. Selina Jin was appointed Chief Financial Officer of AgFeed on April 16, 2009. Mr. Liangfan Yan, AgFeed's former Chief Financial Officer, will remain with AgFeed as its Internal Controller.
