China Swine Genetics closes US$2.1 million bridge financing bill

China Swine Genetics (CSG), Inc. announced on Monday (Mar 1) that it closed a US$2.165 million bridge financing, through the issuance of 10% secured convertible notes due February 22, 2011.

Jayhawk Capital Management LLC, a China focused fund, invested a significant portion of the notes issued. Primary Capital LLC acted as Placement Agent in the financing.

Shang Zhenyu, CEO of CSG stated that the financing will be used to further expand the company's presence as a US public company.

Details regarding the financing are contained in the company's current report on Form 8-K that was filed on February 23, 2010 with the Securities and Exchange Commission.

Meanwhile, for the six months ended December 31, 2009, the company's revenue reached US$44.9 million, an increase of 70% over the first six months of fiscal 2009. For the six months ended December 31, 2009, net income reached US$7.8 million, an increase of 141% over the first six months of fiscal 2009.

CSG, through its wholly-owned subsidiaries and joint venture partner, is engaged in the business of breeding and raising hogs and piglets, then distributing them to slaughter facilities and pork distributors in China.