(MENAFN- ABN Newswire) Sydney, July 28, 2017 AEST (ABN Newswire) - The Board of Tianmei Beverage Group Corporation Limited () (Company) is pleased to announce the successful completion of the placement to Hui Li and Pan Zhang (who are sophisticated investors) today to place a total of 10,000,000 ordinary shares (each subscribing 5,000,000 shares) in the Company for a total amount of $2,000,000 at a price of $0.20 per share (Placement).
The shares issued under the Placement rank equally with existing shares and are not subject to any voluntary escrow. The 10,000,000 shares are issued without shareholder approval and within the Company's placement capacity pursuant to ASX listing rule 7.1. The process the proceeds from the Placement will be used for working capital purposes.
About Tianmei Beverage Group Corporation Limited
() provides promotional services to producers of FMCG goods as well as its own water products in the Guangdong province in China. Guangdong province is one of China's most developed provinces with a gross domestic product of US$1.1 trillion in 2014 and has as its capital, Guangzhou city, which is China's third largest city with a population of approximately 13 million people.
Product Promotion
Tianmei have contracts with over 940 terminal supermarkets and convenience stores in Guangdong. Through this network of stores, the Company promotes fast moving consumer goods, including food, beverage and general grocery products for over 65 FMCG suppliers.
Water Products
The Company's water products business focuses on the sale of Tianmei-branded water products, including bottled water, infant water and water dispensers through a network of over 500 retail outlets. The Company have a number of patents approved and pending surrounding it's water products and production equipment.
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