Boshen Tools (002282) announced today that the board of directors of the company reviewed and approved the proposal to change the use of funds raised and foreign investment.
The board of directors agreed that the company will use 20.4 million yuan (US$3 million) to raise funds to acquire and increase its 100% stake in Canada's CYCLONE DIAMOND PRUDUCTS LIMITED. Among them, 13.26 million yuan ($1.95 million) was used for equity acquisition, and 7.14 million yuan ($1.05 million) was used to increase capital for CY-CLONE after the completion of the acquisition, and to purchase production equipment such as laser welding machines.
The acquisition premium is 82.19% of CY-CLONE's net assets.
This part of the funds raised was originally used in the company's "high-performance laser welding professional diamond tool technology transformation project." The company believes that the original investment in the project will be changed to acquire CYCLONE in Canada, which will speed up the implementation of the company's fundraising projects and benefit the company's direct development of high-end diamond tools in Canada and North America. At the same time, the company will produce some high-end products in Canada, which will help reduce the US anti-dumping risk.
The board of directors agreed that the company will use 20.4 million yuan (US$3 million) to raise funds to acquire and increase its 100% stake in Canada's CYCLONE DIAMOND PRUDUCTS LIMITED. Among them, 13.26 million yuan ($1.95 million) was used for equity acquisition, and 7.14 million yuan ($1.05 million) was used to increase capital for CY-CLONE after the completion of the acquisition, and to purchase production equipment such as laser welding machines.
The acquisition premium is 82.19% of CY-CLONE's net assets.
This part of the funds raised was originally used in the company's "high-performance laser welding professional diamond tool technology transformation project." The company believes that the original investment in the project will be changed to acquire CYCLONE in Canada, which will speed up the implementation of the company's fundraising projects and benefit the company's direct development of high-end diamond tools in Canada and North America. At the same time, the company will produce some high-end products in Canada, which will help reduce the US anti-dumping risk.
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