December 29, 2009 (FinancialWire) — China Valves Technology, Inc. (NASDAQ: CVVT), a metal valve manufacturer with operations in the People’s Republic of China, said it has entered into a definitive agreement with a certain accredited investor to sell in a registered direct offering an aggregate of 333,334 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $3.0 million.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent.

In addition, the company will issue to the investor a warrant to purchase 50,000 shares of common stock, in the aggregate, at a price of $9.00 per share, exercisable for 30 days beginning on the date of the initial issuance of the warrant.

China Valves said it will sue the net proceeds of the financing for the acquisition of an identified business target and for working capital. The transaction is expected to close on or about December 31, 2009, subject to the satisfaction of customary closing conditions.

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