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HONG KONG, June 3 /CNW/ - Kingsway International Holdings Limited (TSX:KIH) (the "Company"), an Asian based financial services firm, is pleased to announce that it has completed the first tranche of its non-brokered offering of common shares previously announced on September 11, 2009 and amended on May 20, 2010 (the "Offering"). Gross proceeds amounted to CAN$4,500,000 and consisted of 9,000,000 common shares (the "Shares") at a price of CAN$0.50 per share. The Company is also pleased to announce that the Company's principal shareholder, Sun Wah Group, purchased 8,000,000 Shares under the Offering. Sun Wah Group is controlled by Jonathan Koon Shum Choi, and Mr. Choi is a director and controlling shareholder of the Company. With this further investment, Mr. Choi has increased his indirect ownership to a total of 45,481,151 Shares representing approximately 50.9% of the Shares of the Company. The proceeds from the Offering will be used to fund current investment transactions in accordance with ongoing investment mandates and general working capital. The Company expects to have a second closing in the coming weeks.
About Kingsway International Holdings Limited
The Company is listed on the Toronto Stock Exchange (the "TSX") under the symbol KIH. The Company and its subsidiaries (the "Group") are leading middle tier financial services providers, linking the global investment community with China's high growth economy. In addition to engaging in strategic investment activities and advisory services, the Group offers a variety of complementary, client-focused services through its capital markets and asset management divisions. Founded in 1990, the Group operates from offices in Hong Kong, Beijing, Shanghai, Shenzhen and Toronto.
SOURCE KINGSWAY INTERNATIONAL HOLDINGS LIMITED
For further information: For further information: Gary Quedado, Kingsway Group, (416) 861-3099 Ext. 0238, firstname.lastname@example.org