WEIFANG, China, Aug. 22, 2011 /PRNewswire/ -- Shandong Dadi Salt Chemical Group Company Limited ("Dadi" or the "Company"), one of China's leading producers of crude salt, sodium hydroxide and bromine, and covering an area of 26.17 square kilometers, announced that it has closed a pre-IPO financing of USD$8,000,000 with select investors. The funds will be used in part to increase production capacity in preparation for Dadi's planned subsequent financing in the public capital markets.
"We are pleased to move forward with external investors for the first time in Dadi's corporate history dating back to 1956," said Chairman Sun Wenyong. "Our growth plans can be accelerated with outside capital from leading investors, and we are ready with our advisory team to take the next step as a pre-IPO company," he concluded.
The pre-IPO financing was arranged by placement agent Hunter Wise Securities, LLC, based in California, USA. Global Law Office of Beijing served as PRC legal counsel to Dadi in the transaction.
Established in 1956, Shandong Dadi Salt Chemical Group Co., Ltd. is a large enterprise group engaged in high-tech salt and chemical manufacturing. The Company is one of the largest salt chemical bases for chemical production and export in China with overall capacity and sales revenue ranked among the top six in China.
Dadi is located in the north of Shouguang City near Laizhou Bay of the Bohai Sea, less than 3 kilometers far away from the Weiwu highway to the south, and less than 20 kilometers away from Weifang Port. The Company is a high-tech industrial enterprise in Shandong Province. With the help of abundant halogen resources, modern advanced technology and scientific management, the Company conducts R&D in salt processing, bromine processing, chlorine processing, pharmaceutical chemicals production, dye chemical production, thermoelectricity and power products manufacturing. The production volume and quality of the products are ranked among the top six in China. Dadi has earned ISO 9001:2000 quality system certification and owns both import and export licenses. The "Dadi" brand, "Jingquan" brand, and "Yanshan" brand series of products are well regarded and sold in China, and have entered the markets in Europe, the United States, Korea, Southeast Asia and other countries and regions.
SOURCE Shandong Dadi Salt Chemical Group Company Limited