Mountain China Resorts (Holding) Limited

Mountain China Resorts (Holding) Limited

September 16, 2011 03:35 ET

Mountain China Resorts to Raise $19,026,000 in Non-Brokered Private Placement

BEIJING, CHINA--(Marketwire - Sept. 16, 2011) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), today announces that the Company has arranged a non-brokered private placement, to be completed after receiving final acceptance of TSX Venture Exchange, for up to CDN $19,026,000 through the issuance of 105,700,000 common shares at the price of $0.18 per share. The Company intends to use the proceeds of the private placement for its working capital and restructuring of certain convertible debentures.


Gang Han, Chief Financial Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This press release contains forward-looking statements that include our belief as to the Company's ability to complete the private placement for $19,026,000. Certain risks and uncertainties such as our ability to successfully complete the private placement could cause the Company's actual results to differ materially from those in the forward-looking statements.

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.

The TSX Venture Exchange nor its Regulation Services Provider has neither approved nor disapproved the contents of this press release.

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