GRAND POWER LOGISTICS CLOSES NON-BROKERED PRIVATE PLACEMENT FOR GROSS
PROCEEDS OF $2 MILLION
CALGARY and HONG KONG, China, Oct. 29 /CNW/ - Grand Power Logistics Group Inc. (TSX-V: GPW), a leading China-based international logistics provider, today announced that it has closed a non-brokered private placement offering of 16,666,667 common shares of the Company at a price of $0.12 per share for gross proceeds of $2 million.
The shares issued through the offering have a hold period of four months and a day from the date of issuance. The expiry date for hold period is March 1, 2011.
Net proceeds from the offering will be used by the Company to expand its ocean freight business in southern China and its direct sales activities generally.
Finders' fees totaling $189,340 have been paid on this private placement.
About Grand Power Logistics Group Inc.
Grand Power Logistics Group Inc. operates principally through its wholly owned Hong Kong based subsidiary, Grand Power Express International Limited (GP Express) and provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution, as well as other value added services. GP Express has established operations in various regions, particularly in the Greater Pearl River Delta (GPRD), China's largest economic region. GP Express' Subsidiaries or Branch Offices in this region are located in Macau, Shenzhen, Guangzhou and Jiangmen. GP Express also operates in other regions through Subsidiaries and Branch Offices or Supporting Offices in Shanghai, Taipei, Bangkok and Los Angeles. For more information visit www.grandpowerlogistics.com
Forward-looking Information
Statements included in this press release that are not historical facts may be considered "forward looking statements". All estimates and statements that describe the Company's objectives, goals or future plans are forward looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Contacts: Grand Power Alan Chan, CFO 403 237 8211 [email protected] |
Equicom Joe Racanelli 416 815 0700 ext. 243 [email protected] |
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