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BEIJING, CHINA--(Marketwire - Dec. 15, 2011) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), is pleased to provide an update on its non-brokered private placement (the "Private Placement") announced on September 16, 2011. The Company has received conditional acceptance of the Private Placement from the Exchange and has also received subscription proceeds of $19,026,000 from three investors: Grandluck Assets Management Limited, a personal holding company of Mr. CHENG, Kin Ming, who has been involved in real estate development in Hong Kong and Greater China; Keen Best International Limited, a personal holding company of Mr. CHEN, Dongsheng, who is the founder of Taikang Life Insurance Co., Ltd.; and China Entrepreneurs Forum Limited, a company equally owned by 50 Chinese entrepreneurs. The closing of the Private Placement is subject to final acceptance of the Exchange, which is currently conducting background checks on the investors as these investors will become insiders of the Company. |
