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May 19, 2010 (FinancialWire) — Keyuan Petrochemicals, Inc. (OTCBB: SVPE), a manufacturer and supplier of various petrochemical products in China, said it has completed a private equity financing of $3,049,970 with two accredited investors for a total raise of $26,204,640, including a financing the company completed on April 22.

The company said it plans to use the net proceeds for the expansion of its manufacturing facility which will include a raw material pre-treatment facility, additional storage capacity and an asphalt production facility.

TriPoint Global Equities, LLC was the placement agent for the transaction.

As a result of this additional placement, Keyuan now has 50,752,362 shares of common stock issued and outstanding, 6,738,336 shares of preferred stock outstanding (convertible into the same number of shares of common stock), and warrants outstanding exercisable for an aggregate of 2,215,893 shares of common stock including placement agent warrants.

China-based Keyuan Plastics is an independent manufacturer and supplier of various petrochemical products. The firm began production in October 2009. Keyuan's operations include an annual petrochemical manufacturing capacity of 550,000 metric tons of a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods.

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