Wednesday, June 23, 2010

BVI-based City Zone Holdings completed share exchange and closed $10.8 Mln private placement

Anslow + Jaclin, LLP, a securities and corporate law firm providing legal and business expertise for its domestic and international clients and focused on representation of public companies listed on US stock exchanges, represented British Virgin Islands-registered company City Zone Holdings Limited in a reverse acquisition of Eco Building International, Inc., and simultaneous financing transaction. By terms of this transaction, the BVI company became a wholly-owned subsidiary of Eco Building, which received full stock of the issued and outstanding ordinary shares of City Zone Holdings.

At the same time, City Zone Holdings Limited closed a private placement, consisting of convertible preferred shares and warrants on the amount of approximately US$8.21mln. The BVI company was also advised by Anslow + Jaclin on the second closing for additional amount of approximately $2.59 million. The aggregate aggregate financing made approximately $10.8 million.

City Zone Holdings Limited, through its subsidiaries, is an emerging organic and non-rganic agricultural products distributor in the Shanxi Province of China. The company is engaged in procuring, processing, marketing and distributing various grain and corn products.