AMG Bioenergy raises $1.47M for Chinese jatropha project

In Canada,  AMG Bioenergy Resources announced that it raised $1.47M in a private placement, selling 4,910,500 common shares at a price of $0.30 per share.

BPS Capital Pte Ltd. acted as Agent for the Private Placement and received a cash commission of 10% of the aggregate gross proceeds from common shares sold under the Private Placement.

AMG plans to use a portion of the proceeds to pay China Zhejiang Biodiesel as a part of a previously announced agreement to purchase a 133 hectare jatropha plantation and a 201 hectare eucalyptus plantation, both in China.  AMG cites delays with incorporation of a China subsidiary as prevent AMG from closing the transactions.