China Valves Tech (NASDAQ:CVVT)

ZHENGZHOU, China, Jan. 5, 2011 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. today announced that the Company has entered into a definitive agreement with certain purchasers to sell in a registered direct offering an aggregate of 1,000,000 shares of its common stock at a price of $10.00 per share for gross proceeds of approximately $10 million.

The net proceeds of the financing will be used to build a manufacturing facility for big size ball valves used for nuclear power plants. In addition, the Company will issue to the purchasers warrants to purchase an aggregate of 250,000 shares of common stock at an exercise price of $10.00 per share, exercisable for 180 days beginning on the date of the initial issuance of the warrant.