WUHAN CITY, China, December 9, 2014 /PRNewswire/ -- Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI), one of China's leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today made an announcement regarding its recent entry into an At-The-Market Issuance Sales Agreement, pursuant to which the Company may offer and sell up to $10,000,000 of shares of its common stock from time to time (the "ATM Facility"). The shares will be offered through MLV & Co. LLC ("MLV"), as sales agent. As of the date of this press release, the ATM Facility has not been utilized and Kingold has not sold any shares under the ATM Facility.
The Company intends to use the net proceeds from the ATM Facility, if any, for the purchase of additional raw materials for its products, working capital and other general corporate purposes. The Company will determine, at its sole discretion, the timing and number of shares to be sold under the ATM Facility. MLV will make any sales under the ATM Facility using its commercially reasonable efforts consistent with its normal trading and sales practices.
A shelf registration statement on Form S-3 (File No. 333-179694) relating to these securities was previously filed and declared effective by the Securities and Exchange Commission on March 13, 2012. A prospectus supplement relating to the ATM Facility was filed with the Securities and Exchange Commission on November 19, 2014 and forms a part of the effective registration statement. Copies of the prospectus supplement and accompanying base prospectus may be obtained from the Securities and Exchange Commission's website at http://www.sec.gov. Alternatively, MLV will provide copies upon request by contacting MLV & Co. LLC, 1251 Avenue of the Americas, New York, NY 10020; Attention: Randy Billhardt, Email: rbillhardt@mlvco.com; Telephone: 888-344-2272.
The Company will pay MLV a commission of equal to 5.0% of the gross proceeds of sales of its common stock. The Company also agreed to reimburse MLV for legal expenses incurred by it up to $25,000 in the aggregate.
This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of the Company, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, one of China's largest cities, was founded in 2002 and today through a variable interest entity, or VIE, relationship with Wuhan Kingold Jewelry Company Limited, a corporation incorporated in the People's Republic of China, is one of China's leading designers and manufacturers of 24-karat gold jewelry, ornaments, and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Company Contact
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
bl@kingoldjewelry.com
INVESTOR RELATIONS
The Equity Group Inc.
Katherine Yao, Associate
+86 10-6587-6435
kyao@equityny.com
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com
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