Xinhua Sports & Entertainment Limited Raises $7.5 Million in Registered Direct Offering
26 Octubre 2009 - 11:10AM
PR Newswire (US)
BEIJING, Oct. 26 /PRNewswire-Asia-FirstCall/ -- Xinhua Sports &
Entertainment Limited ("XSEL" or the Company"; Nasdaq: XSEL), a
leading sports and entertainment media company in China, announced
today that it has entered into definitive agreements to sell
5,514,705 American depository shares ("ADS") at a price per ADS of
$1.36 in a registered direct offering to several select
institutional investors, representing gross proceeds of $7.5
million. Investors will also receive two series of warrants to
purchase up to an aggregate of 14,889,703 class A common shares of
the Company (equivalent to approximately 7,444,851 ADS). The Series
A warrants to purchase up to 3,860,293 class A common shares
(equivalent to approximately 1,930,146 ADS) will have an initial
exercise price of $0.975 per common share ($1.95 per ADS) and are
exercisable at any time commencing six months after the closing
date and on or prior to the fifth anniversary of this date. The
Series B warrants to purchase up to 11,029,410 class A common
shares (equivalent to 5,514,705 ADS) will have an initial exercise
price of $0.68 per common share ($1.36 per ADS) and are exercisable
at any time commencing on the closing date and on or prior to the
six month anniversary of this date. The closing of the offering is
expected to take place on or before October 29, subject to the
satisfaction of customary closing conditions. The Company plans to
use the net proceeds from the offering for working capital
purposes. The class A common shares represented by the ADSs and the
warrants are being offered by XSEL pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission and declared effective on September 16, 2009. Rodman
& Renshaw, LLC, a wholly owned subsidiary of Rodman &
Renshaw Capital Group, Inc. (NASDAQ:RODM), acted as the exclusive
placement agent in the offering. 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 the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The ADSs and the
warrants may only be offered by means of a prospectus. Copies of
the prospectus supplement and accompanying base prospectus relating
to the offering can be obtained from the SEC's website at
http://www.sec.gov/ . About XSEL Xinhua Sports & Entertainment
Limited ("XSEL"; NASDAQ: XSEL) is a leading sports and
entertainment media company in China. Catering to a vast audience
of young and upwardly mobile consumers, XSEL is well-positioned in
China with its unique content and access. Through its key
international partnerships, XSEL is able to offer its target
audience the content they demand -premium sports and quality
entertainment. Through its Chinese partnerships, XSEL is able to
deliver this content across a broad range of platforms, including
television, the Internet, mobile phones and other multimedia assets
in China. Along with its integrated advertising resources, XSEL
offers a total solution empowering clients at every stage of the
media process linking advertisers with China's young and upwardly
mobile demographic. Headquartered in Beijing, the company employs
more than 1,000 people and has offices and affiliates in major
cities throughout China including Beijing, Shanghai, Guangzhou,
Shenzhen and Hong Kong. Xinhua Sports & Entertainment Limited's
shares are listed on the NASDAQ Global Market (NASDAQ:XSEL). For
more information, please contact: XSEL Media Contact Joy Tsang Tel:
+86-10-8567-6050 Tel: +86-136-2179-1577 Email: IR Contact Edward
Liu Tel: +86-10-8567-6061 Email: American Capital Ventures Howard
Gostfrand Tel: +1-305-918-7000 Toll free: +1-877-918-0774 Email:
DATASOURCE: Xinhua Sports & Entertainment Limited CONTACT:
Media Contact - Joy Tsang, XSEL, +86-10-8567-6050,
+86-136-2179-1577, or ; or IR Contact - Edward Liu, XSEL,
+86-10-8567-6061, or ; or Howard Gostfrand, American Capital
Ventures, +1-305-918-7000, toll free +1-877-918-0774, or Web site:
http://www.sec.gov/
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