TORONTO, Feb. 1 /CNW/ - Liuyang Fireworks Limited (TSX-V: FWK) (the "Company"), a leading China-based manufacturer of
consumer fireworks, today is pleased to announce the successful closing
of a non-brokered private placement offering (the "Offering"). The
Company raised an aggregate amount of $2,166,066, comprised of
12,033,700 units (the "Units") priced at $0.18 per Unit. Each Unit
consists of one common share and one-half common share purchase warrant
(each whole warrant, a "Warrant"). Each whole Warrant entitles the
holder to purchase one common share at a price of $0.40 per share
within 24 months following the date of issuance.
All shares issued pursuant to the Offering are subject to a four-month
hold period expiring on June 2, 2011, and a finders' fee of $107,565.30
was paid in respect of the Offering.
Net proceeds from the Offering will be used by the Company to acquire
targeted wholesalers and expand its national sales network.
About Liuyang Fireworks Limited
Liuyang Fireworks Limited is a leading China-based manufacturer of
consumer fireworks that are distributed domestically and in more than
15 countries in North America, South America and Europe. The Company
has more than 16 years of experience in the fireworks industry and is a
supplier to the world's top five fireworks wholesalers and retailers.
Liuyang's ISO9001-certified manufacturing facilities are located in the
Liuyang area of Hunan, China where more than half of the world's
fireworks are produced.
The forward-looking information contained in this news release
represents the expectations of the Company as of the date of this news
release and, accordingly, is subject to change after such date. Readers
should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. While the
Company may elect to, it does not undertake to update this information
at any particular time except as required in accordance with applicable
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.
SOURCE Liuyang Fireworks Limited
For further information:
Chief Financial Officer
Liuyang Fireworks Limited
Tel : 416-613-0208 ext 206