Ninestar Corp (SHE:002180) raised approximately 1.41 billion yuan from a private issuance of stocks and used part of the amount for several projects in the US, the Chinese printing and imaging services provider said Wednesday.
About 658.2 million yuan ($94,468,523.59) was used for a renewable consumables production base project, while 257.9 million yuan (37,015,241.92) was injected into a research and development center in the country.
Seven shareholders privately issued shares amounting to 51.6 million yuan ($7,405,918.90 ), with an issue price of 27.74 yuan per share.
Tonernews.com opinion: If you add up all these totals of Ninestar’ planned expenses they come out to $138,889,684.40. It looks like the rest of the money, $63,481,355.00 is probably going to be split by the executive team or it will just stay unaccounted for.