Attached files
| file | filename |
|---|---|
| 8-K - GULF RESOURCES, INC. | e606184_8k-gulf.htm |
| EX-10.1 - GULF RESOURCES, INC. | e606184_ex10-1.htm |
| EX-10.2 - GULF RESOURCES, INC. | e606184_ex10-2.htm |
|
Gulf
Resources, Inc.
David
Wang, VP of Finance
E-mail:
gfre.2008@vip.163.com
|
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915
E-mail: crocker.coulson@ccgir.com
|
| Helen Xu
E-mail: beishengrong@vip.163.com
Website:
http://www.gulfresourcesinc.cn/
|
Ms. Linda Salo,
Financial Writer
Phone: +1-646-922-0894
E-mail: linda.salo@ccgir.com
Website: http://www.ccgirasia.com/
|
Gulf
Resources Enters into $25.0 Million Private Placement Agreement
New York & Shandong Province,
December 11, 2009 - Gulf Resources, Inc. (NASDAQ: GFRE) (“Gulf Resources”
or the “Company”), a leading manufacturer of
bromine, crude salt and specialty chemical products located in Shandong
Province, China, today announced that it has entered into a definitive
agreement with institutional investors pursuant to which it has agreed to sell,
in a private placement, 2,941,182 shares of its common stock at a price of $8.50
per share. The Company expects gross proceeds of approximately $25.0 million.
The Company expects the financing to close on or prior to January 1, 2010,
subject to satisfaction of certain customary closing conditions. Brean Murray,
Carret & Co., LLC acted as the exclusive placement agent for the
financing.
The
Company plans to use the proceeds of the private placement to acquire additional
bromine and crude salt production assets, as well as for general corporate
purposes such as working capital.
“We are
very pleased to have attracted the support of respected institutional investors
in the U.S. capital markets,” said Mr. Xiaobin Liu, CEO of Gulf Resources. “We
believe this additional capital will foremost help us grow our access to bromine
and crude salt reserves through acquisitions, thus strengthening our position as
the frontrunner in China’s bromine market.”
The
securities issued in the 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 shares 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. The Company is
obligated to file a registration statement registering the shares no later than
the 30th day after the closing of the financing and have the registration
statement declared effective by the SEC no later than 90 days after the closing,
or in the case of a full review of the registration statement 120 days after
closing. For more detailed information on this financing, see the Company’s
Current Report on Form 8-K which will be filed with the Securities and Exchange
Commission on or about December 11, 2009.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state.
About
Gulf Resources, Inc.
Gulf
Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City
Haoyuan Chemical Company Limited (“SCHC”) and Shouguang Yuxin Chemical Industry
Co., Limited (“SYCI”). The Company believes that it is one of the largest
producers of bromine in China. Elemental Bromine is used to manufacture a wide
variety of compounds utilized in industry and agriculture. Through SYCI, the
Company manufactures chemical products utilized in a variety of applications,
including oil & gas field explorations and as papermaking chemical agents.
For more information about the Company, please visit www.gulfresourcesinc.cn.
###