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Message: Announces Proceeds From Exercise of Warrants and New Loans Totaling $32 Million
| February 25, 2009 |
| Migao Announces Proceeds From Exercise of Warrants and New Loans Totaling $32 Million |
| TORONTO, ONTARIO--(Marketwire - Feb. 25, 2009) - Migao Corporation (TSX:MGO), a China-based leading specialty potash fertilizer producer, is pleased to announce that all warrants related to the February 22, 2007 private placement financing have been exercised, including underwriter compensation warrants, of which $13.7 million was exercised on February 23, 2009. Migao is also pleased to announce that its wholly owned subsidiary, Liaoning Migao has obtained a loan of RMB 40 million from China Citic Bank, at an interest rate of approximately 4.8%, which includes an interest subsidy of RMB 1,045,600 from the Government. Migao's Guangdong subsidiary has also obtained a loan of RMB 60 million from the Agricultural Bank of China at an interest rate of approximately 4.8%, before a yet to be determined interest subsidy from the Government. The loans totaling RMB 100 million (approximately CDN $18 million), each have a term of one year and are eligible for renewal after one year. "We are very pleased to see the shareholders who participated in our 2007 financing rewarded for their investment in Migao," said Mr. Liu Guocai, President and CEO of Migao. "The proceeds from the warrant exercise as well as the loans from two of China's leading banks further strengthen Migao's financial position as we continue to expand our production capacity to meet the continued strong demand for our specialty fertilizers. The loans are a part of a policy driven initiative by China's central government to fund agricultural businesses in China." About Migao Migao Corporation, through its wholly owned subsidiaries, owns and operates fertilizer production plants in various strategic locations across China for the production and sale of specialty potash fertilizers to China's agricultural market. Migao Corporation is subject to, and complies with strict government regulations that govern safety, quality and environmental protection. Please visit www.migaocorp.com for further information. Annual Meeting Migao Corporation will be hosting investors at its annual meeting of shareholders on Monday March 30, 2009 at 4:30pm at the King Edward Hotel, Toronto. |
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