Sino Forest completes million private placement ahead of HK IPO

Toronto-listed, integrated woods producer, Sino Forest has completed a private placement ahead of its proposed listing in Hong Kong later this year. The company sold 7.22 million class A subordinate-voting shares late last week at C$2.40 per share versus a spot close of C$2.80. The company raised C$17.328 million ($12.44 million) and will use proceeds to develop its international wood sourcing capabilities.