Yulong Eco-Materials Limited (Nasdaq CM: YECO) today announced that
it has entered into a definite purchase agreement with an
institutional investor to raise gross proceeds of $3 million in a
private placement.
Pursuant to the purchase agreement, the Company has agreed to
sell 1 million ordinary shares at a price of $3.00 per share for
gross proceeds of $3 million dollars. In connection with the
private placement, the Company will issue a warrant to purchase up
to 1 million shares at an exercise price of $5.00 per share.
The warrants are immediately exercisable and expire five years from
the date of issuance. In addition, the Company has agreed to
file a registration statement registering the shares and the shares
issuable upon exercise of the warrants for resale with the U.S.
Securities and Exchange Commission.
The private placement is expected to close on or about November
9, 2018.
Executive Chairman Daniel Mckinney said, “We are extremely
pleased to have raised funding which will cover our running
expenses and some development costs for approximately 2-3 years.
Our balance sheet now shows over $3 million in cash, $50 million in
assets with zero debt. We are currently in discussions to acquire
several significant art masterpieces including two masterpieces by
Leonardo da Vinci, two masterpieces by Michelangelo, a Van Gogh,
Raphael, and a work by Caravaggio.”
About the Company
The objective of YECO is to use issuances of its Nasdaq stock to
acquire further rare works of fine art, develop the value of these
acquisitions with exhibitions and media exposure, and open the
opportunity of shared ownership of its acquired masterpieces to
anyone with a brokerage account. It will empower investors
who have not had the independent financial ability to now share
ownership of such works. Through the acquisition of YECO shares,
the general public can have fractionalized ownership of a
collection of extremely valuable art treasures that until now have
been restricted to billionaires, museums and royalty.
About the Millennium Sapphire
The Millennium Sapphire is widely considered an icon in the
world of art and gems. It is one of the most documented gemstones
of modern times. Since its discovery in Madagascar in 1995, this
remarkable blue gem has appeared on CNN, BBC, NBC, FOX and numerous
other television networks around the world. It has been written
about in virtually every major newspaper and has been the subject
of articles published in dozens of magazines, such as Forbes, Wall
Street Journal and others.
Independent gemological laboratory reports on the Millennium
Sapphire include The Gemological Institute of America (GIA),
Gubelin Gemological Laboratory, Switzerland, and the Asian
Institute of Gemological Sciences (AIGS), Thailand. Additionally,
at 61,500 carats, the Millennium Sapphire was recognized in 2001 in
the Guinness Book of records as the largest carved sapphire in the
world.
Numerous world-renowned gemologists have commented extensively
on the Millennium Sapphire. “This crystal is the largest single
piece of gem quality sapphire that I know of. It is very rare to
see such a large piece of such good color,” said Marcus McCallum,
FGA, London. Garry Du Toit, now with the GIA, Bangkok said, “It is
definitely gem grade sapphire, a fine gem blue color. Other famous
blue sapphires cannot compare in terms of size, weight and quite
possibly color”. And finally, Christian Dunaigre, formerly with the
Gubelin Gemological Laboratory, Switzerland said, “This sapphire is
everyone's dream”.
In their report of 13 November 2000, Gubelin staff members
Christopher P. Smith and Nicole Surdez commented: The Millennium
Sapphire was an “ornately carved gem” and a “striking art
object”.
The Millennium Sapphire was a multi-year design and carving
project directed by Italian artist and designer Alessio Boschi.
Boschi’s designs have been widely published and his art displayed
in internationally respected venues such as the Metropolitan Museum
of Art, New York, and he has won several international jewelry
design competitions in Hong Kong, New York, Beijing, Madrid and
London, including awards sponsored by Chopard and Charles Perroud
S.A.
Boschi’s inspiration for the Millennium Sapphire was to sculpt a
tribute to the creative genius of humanity. Starting from a base of
human figures supporting the four doors of air, water, earth and
fire, the sapphire takes us on an upward winding spiral helix
through history depicting over 134 figures representing the high
points of man’s achievements over the last 5000 years including the
Pyramids of Giza, Confucius, Archimedes, the Great Wall of China,
Julius Caesar, Mayan hieroglyphic writing, Leonardo da Vinci,
Christopher Columbus, Michelangelo, Galileo, Newton, Bach, Mozart,
Beethoven, Benjamin Franklin, Pasteur, Monet, Edison, Einstein,
Charlie Chaplin, Louis Armstrong, Gandhi, Neil Armstrong, Mother
Teresa and a host of others.
The Sapphire Sea, by John Robinson, a fictional novel, published
in November 2003 was inspired by the discovery of the then unnamed
Millennium Sapphire.
About the Millennium Sapphire business
YECO plans to take the Millennium Sapphire on a tour of museums
around the world as well as to develop documentaries and include it
in the plots of feature films. The Company will develop games
around its museum tours, much in the same manner as the Pokemon Go
craze and other virtual games. CEO Hoi Ming Chan said, “We plan to
develop the business and cash flows of the Millennium Sapphire
through games, branding and licensing along with royalties and
ticket sales through major museums worldwide. We will also retain
some of the top art and promotions experts globally to develop and
manage this once in a lifetime opportunity.”
Forward-Looking Statements
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans
of the Company, statements relating to goals, plans and projections
regarding the Company's financial position and business strategy.
The words or phrases "plans," "would be," "will allow," "intends
to," "may result," "are expected to," "will continue,"
"anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "think," "considers"
or similar expressions are intended to identify "forward-looking
statements." These forward-looking statements fall within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 and are subject to the safe
harbor created by these sections. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations,
involve known and unknown risks, a reliance on third parties for
information, transactions or orders that may be cancelled, and
other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties related to the fluctuation of
local, regional, and global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports and on documents we file from time
to time with the Securities and Exchange Commission. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement.
YECO has 27.41 million shares issued and outstanding with a
float of 1,012,375 shares. No options or warrants.
Contact:
Dennis Burns
Investor Relations
Tel 877-561-8101
dburns@nvestrain.com
For more information on the Millennium Sapphire please visit:
www.millenniumsapphire.com
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