VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2012) - Huaxing Machinery Corp. (TSX VENTURE:HUA) ("Huaxing" or the "Company") announces further to its news release dated November 21, 2012, that is has closed the settlement of two loans in the aggregate amount of $5,499,204 (the "Settlement") with Gold Rhino International Investment Limited ("Gold Rhino BVI").
On November 27, 2012, Gold Rhino BVI acquired ownership and control of a total of 20,367,422 Series A Convertible Preferred Shares (each, a "Series A Share") in the capital of the Company at a deemed price of $0.27 per Series A Share, subject to adjustment, pursuant to the Settlement which was approved by the disinterested shareholders of the Company and the TSX Venture Exchange. Prior to completion of the Settlement, Gold Rhino BVI held 5,525,000 Series A Shares representing 100% of the issued at outstanding Series A Shares at that time. The additional 20,367,422 Series A Shares acquired by Gold Rhino BVI on November 27, 2012 represent 79% of the 25,892,422 issued and outstanding Series A Shares as at November 27, 2012. Gold Rhino BVI continues to hold 100% of the issued and outstanding Series A Shares.
About Huaxing Machinery Corp.
Huaxing is engaged in the business of machinery manufacturing, and became listed on the TSX.V on January 21, 2011 upon completing the Qualifying Transaction with Samurai Capital Corp., a CPC. Through its wholly owned subsidiary Gold Rhino Limited, Huaxing holds an 80% controlling equity interest in Shandong Gold Rhino Huaxing Machinery Corp., the operating entity that holds the manufacturing facilities located in Boxing County, Shandong province, China. Its main products are stone cutting, polishing and processing machinery and equipment for the building and construction industry, and Robotic Welding System for the steel structure industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.