Us China Mining Group (OTC BB:SGZH)

CITY OF INDUSTRY, Calif., Jan. 7, 2011 /PRNewswire/ -- US China Mining Group, Inc. is pleased to announce the closing of a private placement financing, resulting in gross proceeds of $15,000,000. In the private placement, US China Mining sold 3,750,000 units at a price of $4.00 per unit. Each unit is comprised of one share of common stock and one-half of one common stock purchase warrant. Each whole warrant entitles the holder to purchase an additional share of common stock at an exercise price of $6.80.  The warrants have a five year term.