$10 Million Private Placement Closed.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 20, 2000 (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:DRUG) (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :DRUG) The Company is pleased to announce the completion of its recent private placement of 4,258,000 units (the &uot;Units&uot;) at a price of $2.50 per unit for gross proceeds of $10,645,000. Each Unit consists of one common share and one non-transferable share purchase warrant (the &uot;Warrant&uot;). Each Warrant entitles the holder to purchase one common share at a price of $2.50 for a period of one year. One of the significant placees is the Chow Tai Fook Group, the parent company of the New World Development Company Limited, one of the largest business conglomerates in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . New World is a significant player in real estate, infrastructure projects, strategic investments, hotel management, telecommunications, and public transportation. Mr. Cheng Yu-Tung Cheng Yu Tung (鄭裕彤) (born in Shunde, Guangdong in 1925) is a Hong Kong billionaire with extensive business dealings and real estate interests in Hong Kong and Macau. , the Chairman of the Chow Tai Fook Group also serves as Chairman of New World, which is one of the largest shareholders in China.com. Mr. Cheng also serves as a Director of several large Hong Kong companies including Hang Seng Bank Hang Seng Bank Limited (Traditional Chinese: 恒生銀行有限公司) HKSE: 0011 is the second largest bank in Hong Kong. It is a listed company but it is majority owned (62. Limited. Dragon Pharmaceuticals, the largest EPO EPO see erythropoietin. EPO Erythropoietin, see there producer in China, is currently a leading biotech company focusing on the research, development, production, and marketing of biodrugs throughout China. The foregoing includes forward looking statements and readers should not place undue reliance on such forward looking statements, which only reflect the view of management as of the date hereof. The Company does not undertake the obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. For further information please contact Shaun Maskerine, Corporate Secretary and Treasurer at (604) 669-8817 or Facsimile (604) 669-4243 or visit our web site at www.dragonbiotech.com |
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