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Financings: American Lorain Raises $9.6 Million

September 14, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — American Lorain Corp. (AMEX: ALN), a processed foods company in China, said that it sold 3,440,800 shares of its common stock to Tongley Investment Ltd. and several accredited investors in a private placement transaction, at a price of $2.80 per share for gross proceeds of around $9.6 million. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive lead placement agent for the transaction. FT Global Capital, Inc. acted as the co-agent for the transaction.

The company said it has agreed to register the shares for resale. In connection with the transaction, American Lorain and Si Chen, the company's chairman, CEO, president its largest stockholder, also entered into a make good escrow agreement and a stockholders agreement with the investors.

American Lorain said it will use the newly acquired capital will be allocated to its chestnut business and primarily used in raw chestnut procurement during the current chestnut season.

American Lorain said that, in addition to a $15 million loan secured by the company on June 14, 2010, the company expects to expand its market share in China in the chestnut sector using the raised funds.

Tongley Investment is a private fund that focuses on investing in Chinese enterprises.

China-based American Lorain develops, manufactures and sells various food products. The company's products include chestnut products, convenience food products and frozen food products. The company currently sells over 230 products to 26 provinces and administrative regions in China as well as to 42 foreign countries.

American Loraine operates through its four direct and indirect subsidiaries and one leased factory located in China.

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