As stated in the Prospectus, the net proceeds from
the public offering of the Shelf Registered Medco
USD Bonds I Phase I will be used for: (i) settle all or
a portion of the Company’s debt notes accounting for
60% of the net proceeds or equivalent to US$29.61
million and (ii) capex accounting for 40% of the net
proceeds or equivalent to US$19.74 million. As of 12
October 2012, a total of US$49.35 million of the net
proceeds had been used by the Company to settle
debts amounting to US$29.61 million and capital
expenditure amounting to US$19.74 million.
As a result, the balance of proceeds from said offering
is nil.