Vancouver, B.C.’s Merendon International, Inc. has announced that the company has closed its financing, with a private placement of US$1.78 million.
The financing was comprised of 1.78 million units at US$1.00 per unit, with each unit consisting of one share of the Company’s common stock and two warrants. The warrants entitle the holder to purchase one share of the common stock of the Company at the price of US$2.00 for the first 18 months and the second warrant entitles the holder to purchase one share at the price of US$5.00 for a period of 2 1/2 years.
The funds will be used to establish the Company’s Chinese subsidiary and to effect the first phase of its Shanghai Project, bringing cable modem broadband Internet access to residences and businesses in Shanghai, mainland China.
In conjunction with the close of financing, the company has officially changed its name to China Broadband Network, Inc.