BEIJING, CHINA--(Marketwire - Feb. 22, 2012) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), is pleased to announce that in furtherance to its news releases dated December 15, 2011 and September 16, 2011, it has closed the non-brokered private placement of 105,700,000 common shares (the "Shares"), priced at $0.18 per Share for gross proceeds of $19,026,000 (the "Offering"). The proceeds from the Offering will be used for general working capital and for the repayment of certain debentures.
The Shares are subject to a TSX Venture Exchange hold period of four months and one day from closing of the Offering.
About MCR
MCR is the premier developer of four season destination ski resorts in China. MCR is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009, the Company's Sun Mountain Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur's Forum the leading and most influential community of China's most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries.
ON BEHALF OF THE BOARD
Gang Han, Chief Financial Officer
The TSX Venture Exchange nor its Regulation Services Provider has neither approved nor disapproved the contents of this press release.
Contact Information:
Gang Han
Chief Financial Officer and Director
0086-10-66420566
investor_relations@mountainchinaresorts.com
www.mountainchinaresorts.com