TAI'AN CITY, China, June 11 /PRNewswire-Asia-FirstCall/ -- China Biologic Products, Inc. (OTC Bulletin Board: CBPO) ("China Biologic" or the "Company"), one of the leading plasma-based pharmaceutical companies in the People's Republic of China ("PRC"), today announced that on June 10, 2009, the Company successfully consummated the transactions contemplated by the security purchase agreement initiated on June 5, 2009, with certain accredited investors led by Essence International Investment Limited, pursuant to which the Company will issue 3.8% senior secured convertible notes due 2011 (the "Notes"), in the aggregate principal amount $9,554,140. The Notes are convertible into shares of China Biologic's common stock at a conversion price of $4.00 per share. Along with the Notes, the Company issued warrants to purchase up to 1,194,268 shares of the Company's common stock at a price of $4.80 per share.
"We are pleased to have closed this transaction," said Mr. Chao Ming Zhao, CEO of China Biologic Products. "We intend to use the proceeds to pay part of the purchase price for the interests we recently acquired in Xi'an Huitian Blood Products Co., Ltd. and Chongqing Dalin Biologic Technologies Co., Ltd., to potentially acquire the remaining interests in these two acquisitions in the future, and for working capital and general corporate purposes."
The securities issued in this private placement have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction. Accordingly, these securities may not be sold by investors in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. For more detailed information on this financing, see the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 5, 2009.
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|SOURCE China Biologic Products, Inc.|
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