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Market: OTCBB
Sector: Renewable Energy
EPIC: CSGH
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China Sun Group High-Tech
www.china-sun.cn

China Sun Group High-Tech is engaged in the production and sales of cobaltosic oxide and lithium cobalt oxide, both anode materials used in lithium ion rechargeable batteries in China.

Full China Sun Group High-Tech profile here
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China Sun to Receive $15m Equity Financing From Undisclosed Institutional Investor

27th Aug 2010, 8:17 pm
China Sun to Receive $15m Equity Financing From Undisclosed Institutional Investor

China Sun Group High-Tech (OTC: CSGH), a supplier of raw materials for rechargeable lithium-ion batteries in China, has announced that it has secured up to $15 million in equity financing from an institutional investor.

Under the agreement, shares of the company may be sold to the investor over a 12-month period in drawdown amounts subject to certain conditions.

The  purchase price of the common stock under the agreement will be determined by taking a 15% discount from the lowest best bid price of the shares during a five-day period following a drawdown request.  The purchase price is also subject to a price floor of $0.80 per share, which must be met if drawdown funding is to be provided.

The new funds will be used for expanding the company`s lithium iron phosphate production lines and undertaking R&D of a power li-ion battery production business, the company said.

China Sun primarily produces cobaltosic oxide and lithium cobalt oxide, materials used in lithium ion batteries.

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