Shiner Intl (NASDAQ:BEST)

HAIKOU, China, Dec. 29, 2010 /PRNewswire-Asia/ -- Shiner International, Inc. today announced the completion of a $3.13 million private placement equity financing. Under the terms of the transaction, a total of 2,608,334 shares of common stock, as well as warrants priced 25% above the current market price. Further details of the financing will be available in a current report on Form 8-K that the Company expects to file with the SEC shortly.

The proceeds of the private placement are expected to be used to effectuate strategic acquisitions, as well as for general corporate and working capital purposes. Investment bank Roth Capital Partners LLC provided financial advisory services to Shiner in conjunction with the financing.

Qingtao Xing, the Chief Executive Officer of Shiner, commented: "We are pleased to receive this vote of confidence from new investors and current investors, many of whom have demonstrated strong support for our Company throughout the years. We believe that the improving financial results that we have delivered over the past few quarters are justification of their support and confirmation of the market's growing demand for our packaging solutions. The financing is intended to help us maintain a greater amount of working capital and allow us to further our strategic growth initiative of seeking out acquisitions that enhance Shiner's leadership position in the food safety packaging industry. We are looking for acquisition opportunities that give us the ability to use or own advanced technologies, to control key raw materials, or to access large customers."

On December 28, 2010, Shiner International, Inc. entered into one or more Securities Purchase Agreements with a number of accredited investors in connection with a private placement transaction providing for, among other things, the issuance of up to 3,333,333 units with each Unit consisting of one share of the common stock and a warrant to purchase twenty percent (20%) of one (1) share of the Common Stock at an exercise price of $1.70 per share, at a purchase price of $1.20 per Unit for an aggregate offering of a minimum of $3,000,000 and up to a maximum of $4,000,000. At the closing of the Offering, the Company issued approximately 2.6 million Units and received gross proceeds in the amount of $3.13 million. As a result of the issuance of the Shares and, assuming exercise of the Warrants and issuance of the shares issuable upon such exercise, Investors shall receive or be entitled to receive an aggregate of 3,130,000 shares of Common Stock.