UPDATE: Longwei Petroleum Sets New 52-Week High; Reports 10.7 Mln Warrants Expire

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Longwei Petroleum Investment ( LPH ) shares have surged 13% to $2.78, and earlier touched a 52-week high of $2.85, after the company said that 10.65 million warrants outstanding associated with its Oct. 29, 2009 financing have expired.

LPH said that it had previously completed a private placement financing, principally with institutional investors, on Oct. 29, 2009. At the time of the financing, the company issued a total of 14.8 million warrants exercisable at $2.255 per share. These investors have subsequently exercised about 4.1 million warrants in total, of which 977,415 warrants have been exercised in the past 60 days.

The company now has no warrants or stock options outstanding in its capital structure.

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This article appears in: Investing , Commodities

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