TORONTO, Dec. 5, 2019 /CNW/ - Boyuan Construction
Group, Inc. (TSX: BOY) ("Boyuan" or the "Company")
today announced that it has closed a non-brokered private placement
of 5,255,765 common shares at a price of C$0.31 per share for gross proceeds of
C$1,629,287. All subscribers in the
private placement are arm's length parties. The securities
issued in the private placement are subject to a four month resale
restriction period expiring April 6,
2020.
The Company intends to use the majority of the net proceeds of
the private placement to finance the working capital required to
secure, commence and execute two potential projects. These two
projects in the Company's pipeline are currently being negotiated
and are most likely to be secured within the next 12 months based
on the progress made in the negotiation process. The
remaining net proceeds will be used for general working capital
purposes.
About Boyuan Construction Group, Inc.
Backed by a longstanding track record, Boyuan Construction
Group, Inc. ("Boyuan" or the "Company") has the
knowledge and expertise to design and build a wide range of
commercial and residential developments, as well as municipal
infrastructure and engineering projects. Based in Jiaxing City and
with a growing presence in both Zhejiang
Province and Hainan
Province, Boyuan focuses on construction projects in
China's fast-growing regions of
the Yangtze River Delta and the Hainan
Province. The Company's current project backlog includes
residential, commercial, industrial and mixed-use developments. For
more information visit www.boyuangroup.cn.
Caution Regarding Forward-Looking Information:
Certain information contained in this news release constitutes
forward-looking information, which is information relating to
future events or the Company's future performance and which is
inherently uncertain. All information other than statements of
historical fact may be forward-looking information. Forward-looking
information is often, but not always, identified by the use of
words such as "seek", "anticipate", "budget", "plan", "continue",
"estimate", "expect", "forecast", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar words or phrases (including
negative variations) suggesting future outcomes or statements
regarding an outlook. Forward-looking information contained in this
news release includes, but is not limited to, management's
expectation to use the proceeds of the private placement.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. The Company believes the expectations
reflected in the forward-looking information are reasonable but no
assurance can be given that these expectations will prove to be
correct and readers are cautioned not to place undue reliance on
forward-looking information contained in this news release. Some of
the risks and other factors which could cause results to differ
materially from those expressed in the forward-looking information
contained in this news release include, but are not limited to:
political and economic conditions in China and other risks included in the
Company's AIF for the fiscal year ended June
30, 2019 and in the Company's public disclosure documents
filed with certain Canadian securities regulatory authorities and
available at www.sedar.com. The forward-looking statements
contained in this news release are made as of the date hereof and
the Company undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as otherwise
required by law.
SOURCE Boyuan Construction Group, Inc.