July 14, 2010 (FinancialWire) — Nutrastar International, Inc. (OTCBB: NUIN), a Chinese firm that produces and distributes Chinese Golden Grass said that it had successfully raised around $5.65 million by June 28.

The company said it will use the proceeds raised for working capital purposes.

On June 7 and June 28, 2010, the company consummated two closings of a private placement transaction and issued in aggregate around 197,700 units to certain investors at a purchase price of $28.56 per unit for gross proceeds of around $5.65 million.

Each unit consists of one share of a newly designated series A preferred stock with an initial one-to-ten conversion ratio into shares of the company's common stock and a warrant to purchase five shares of common stock at an exercise price of $3.40 per share.

Gilford Securities Inc. served as the placement agent of this financing.

China-based Nutrastar is a nutraceutical company that produces and distributes Chinese Golden Grass, organic and specialty food products in China. The company's primary product is dry engineered Chinese Golden Grass.

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