December 22, 2009 (FinancialWire) — Shuaiyi International New Resources Development Inc. (OTCBB: SYID) has closed a private placement with a group of accredited investors, under which the company issued 1 million shares of the company’s common stock at a purchase price of $2.50 per share, for an aggregate purchase price of $2.5 million.

In addition, the company issued to each investor two three-year warrants to purchase up to an aggregate of 500,000 shares of the company’s common stock, including a series A warrant which has an exercise price of $3.25 per share and a series B warrant which has an exercise price of $4.00 per share.

Shuaiyi also said that a majority stockholder of the company, New Zealand WAYNE’s Investment Holdings Co., Ltd. agreed to place a total of one million shares of the company’s common stock held by it into escrow to secure the make good obligations of the company on behalf of the investors.

In the event that the minimum after-tax net income thresholds of $9,000,000 for the fiscal year 2010 or $11 million for the fiscal year 2011 are not achieved, then up to 50% of shares of the common stock deposited by New Zealand WAYNE’s Investment Holdings Co., Ltd. in escrow will be distributed to each investor on a pro rata basis for no additional consideration for each applicable year.

The company plans to use the proceeds from this transaction for new business initiatives and working capital requirements.

Harbin, China-based Shuaiyi is a nutraceutical company focusing on technology related to the development of engineered “Cordyceps Militaris” in China. The company specializes in developing, processing, marketing and distributing a range of agricultural and nutraceutical products consisting of dry Cordyceps Militaris, organic and specialty food products.

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