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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area -- Ignore unavailable to you. Want to Upgrade?

To: Crossy who wrote (36373)	12/11/2010 11:30:33 PM
From: straight life	Respond to of 37387

HEAT also just did a 5M share secondary, which may account for recent share price weakness. NEW YORK, Nov. 23, 2010 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq:HEAT - News) announced the closing today of its previously announced public offering of 5,740,814 shares of its common stock at $5.00 per share, which included 740,814 shares sold as a result of the underwriters' exercise of their over-allotment option. After underwriting discounts and commissions but before offering expenses, SmartHeat received net proceeds of $27,268,866.50. Barclays Capital was the sole bookrunner and Oppenheimer & Co. the co-lead manager in connection with this offering. James Jun Wang, Chairman and Chief Executive Officer of SmartHeat, commented: "The completion of this equity financing provides SmartHeat with capital to fund our continued growth as a market leader in China's clean technology, energy savings industry. We highly value and appreciate the significant institutional interest that SmartHeat has experienced during this offering." SmartHeat intends to use the net proceeds from the sale of the common stock for general corporate purposes and potential acquisitions, although no specific acquisition candidate has been identified to date.