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October 23, 2009 (FinancialWire) -- China BAK Battery, Inc. (NASDAQ: CBAK | Quote | Chart | News | PowerRating) said it has entered into definitive agreements with certain accredited investors to sell 5.79 million units, each unit consisting of one share of common stock and a warrant to purchase 0.25 of a share of common stock, at $3.55 per unit.
The company will see gross proceeds of around $20.6 million. The warrants may be exercised at $3.90 per share. The warrants, if not exercised, will expire 24 months from the closing date.
China BAK said the closing is scheduled to occur on October 27. The company plans to use the proceeds primarily for the repayment of short term debt, capital expenditures and general working capital.
Shenzhen, China-based China BAK Battery is a manufacturer of lithium-based battery cells.
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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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