Keyuan Petrochemicals Completes $20.3 Million Private Placement

Keyuan Petrochemicals, Inc. KEYP announced that the Company closed a private placement financing with institutional investors with gross proceeds of $20.3 million to fund the purchase of raw materials for its petrochemical production facility. The lead investor was Prax Capital. The Company issued 540,001 investment units. Each unit includes 10 shares of Series B preferred stock convertible into ordinary common shares, in addition to 1.5 Class C Warrants with an exercise price of $4.50 per share and 1.5 Class D Warrants with an exercise price of $5.25. TriPoint Global Equities, LLC was the placement agent on the transaction.