XIANYANG, China, Oct. 18, 2016 /PRNewswire/ -- Biostar
Pharmaceuticals, Inc. (NASDAQ:BSPM) ("Biostar"), a PRC-based
manufacturer and marketer of pharmaceutical and health supplement
products in China, announced today
that it completed the sale of 425,000 shares of common stock at the
price of $4.50 per share, and
warrants to purchase 212,500 shares of common stock to
institutional investors for gross proceeds of approximately
$1.91 million. The warrants will be
exercisable six months and one day from the date of the closing of
the offering at an exercise price of $5.55 per share and expire 3 1/2 years from the
date of issuance.
FT Global Capital, Inc. acted as the exclusive placement agent
for the offering. Biostar plans to use the net proceeds of this
offering for working capital and general corporate purposes.
A shelf registration statement (File No. 333-192963) relating to
the offering has been filed with and declared effective by the
Securities and Exchange Commission (the "SEC"). A prospectus
supplement relating to the offering has been filed by Biostar with
the SEC. Copies of the prospectus supplement, together with the
accompanying prospectus, can be obtained at the SEC's website at
http://www.sec.gov, or from request at Biostar from No. 588 Shiji
Avenue Xianyang City, Shaanxi
Province, People's Republic of
China 712046.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of Biostar in this
offering. There shall not be any offer, solicitation of an offer to
buy, or sale of securities in any state or jurisdiction in which
such an offering, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offering will be made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc. develops, manufactures and markets
pharmaceutical and health supplement products for a variety of
diseases and conditions. For more information contact: Biostar
Pharmaceuticals, Inc.; Tel: +86-29-3368-6638; Email:
office@aoxing-group.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. Actual
events or results may differ materially from the Company's
expectations. Factors that could cause actual results to differ
materially from those stated or implied by the Company's
forward-looking statements are disclosed in its filings with the
Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the time of this
release. The Company disclaims any intent or obligation to update
these forward-looking statements, other than as may be required
under applicable law.
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SOURCE Biostar Pharmaceuticals, Inc.