Yalian completes private placement with Tongyu

Yalian Steel Corp., a maker of longitudinally submerged arc welded (LSAW) steel line pipe, has completed its previously announced private placement with Jiangsu Tongyu Steel Pipe Group Co. Ltd, whereby Tongyu agreed to subscribe for 5,700,000 common shares of Yalian at a price of US$1.00 (CAD$1.21) per share in a private placement. Yalian has received conditional approval for the transaction from the TSX Venture Exchange. Tongyu now holds about 5.8% of the company's issued and outstanding shares on a fully diluted basis further aligning its interest with the shareholders of the company. Yalian will continue to leverage Tongyu's resources, experienced management, established sales relationships, and technical expertise, in order to establish and grow its steel pipe business.Adidas