China Security & Surveillance Technology Inc. gets $12.9 Million Private Placement

China Security & Surveillance Technology Inc. is a British Virgin Islands corporation that deals with the surveillance industry in China, specializes in homeland security products and surveillance systems and has branch offices in 20 cities throughout China.

Last week, China Security & Surveillance Technology Inc. announced its entering into a Securities Purchase Agreement with institutional investors for the private placement of 2,275,794 units (each unit includes one share of company's common stock and a warrant to purchase one-fifth of one share of company's common stock) with accredited institutional investors. The units are sold under the Securities Purchase Agreement for $4.50 per unit.

Net proceeds to the BVI-based China Security & Surveillance Technology Inc. from the sale of all of the units was going to be $10,241,093. But then, China Security & Surveillance Technology Inc. accepted additional $1.8 million subscription raising more than $12 million. The BVI company expects to close the transaction by the end of this week.