Biostar Pharmaceuticals Close Private Placement Valued at $3.6 Million
Posted on 11/6/2009 8:09:26 PM in #Stocks | 0 comments comments
Biostar Pharmaceuticals, Inc. (OTCBB: BSPM) has closed a private placement valued at about $3.6 million worth of securities with accredited investors. The investors received 2,060,000 shares of Series B convertible preferred stock, which converts on a 1 to 1 basis into Biostar common shares with attached warrants to purchase a total of 500,000 shares of the Company's common stock. TryPennyStocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter The warrants will be exercisable for five years from the date of issuance at a price of $3.00 and include a call provision. The company will use their net proceeds for the completion of their new raw materials processing facility. Biostar now has about $26.1 million shares outstanding on a diluted basis. About Biostar Pharmaceuticals, Inc. Biostar Pharmaceuticals, Inc., through its wholly-owned subsidiary in China, develops, manufactures and markets pharmaceutical and medical nutrient products for a variety of diseases and conditions. The Company's most popular product is its Xin Ao Xing Oleanolic Acid Capsule, an over-the-counter ("OTC") medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. In addition to its hepatitis product, Biostar manufactures two broad-based OTC products, two prescription-based pharmaceuticals and thirteen nutrients. The Company has adopted international standards and is in the process of applying for three patents. Sign up for the free TryPennyStocks newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website. About TryPennyStocks TryPennyStocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that could be on the brink of a breakout. To feature a company on our web site please contact us at the email listed below. Please click here to read the full disclaimer. staff@trypennystocks.com
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