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August 10, 2009 (FinancialWire) -- China Architectural Engineering, Inc. (NASDAQ: CAEI | Quote | Chart | News | PowerRating) (Current Market Cap: $123.98 Mil.) said it has agreed to sell 17 million shares of its common stock at $1.65 per share to various investors under an August 6 securities purchase agreement.
The closing, which is subject to approval by CAE's shareholders, is scheduled to occur on or before September 30.
In a separate transaction, the principal stockholder of the company, KGE Group, Ltd. sold five million shares of CAE's common stock held at $0.90 per share to a new investor, Resort Property International, which is a holding company to the principal stockholder of Shanghai Nine Dragon Co.
China Architectural also entered into an amendment and waiver agreement with the holders of the company's outstanding convertible bonds, ABN Amro Bank N.V., and CITIC Capital China Mezzanine Fund Ltd.. Both ABN AMRO and CITIC have agreed to waive their rights to a reduction in the conversion price of the bonds and the exercise price of the warrants due to the company's sale of the shares.
The company plans to use a majority of the proceeds from to accelerate the development and construction of its Nine Dragon Resort project.
Zhuhai, China-based China Architectural Engineering is engaged in the design, engineering, fabrication and installation of curtain wall systems, roofing systems, steel construction systems, and eco-energy systems.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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