USA: Rodman & Renshaw Acts as Placement Agent to China Dredging Group Company Ltd. on $50 Million Private Placement Offering

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc., announced that it acted as a placement agent to China Dredging Group Company Ltd.’s (the “Company” or “China Dredging” ), a dredging subcontractor domiciled in the BVI with operations in the P.R.C., in connection with a private placement to institutional investors of 10,012,987 of the Company’s Class A preferred shares in multiple closings between October 29, 2010 and December 21, 2010.

The purchase price was $5.00 per share and each preferred share is convertible into one ordinary share of the Company. The aggregate gross proceeds from the financing totaled $50,064,935.

About China Dredging Group Co. Ltd.

China Dredging currently operates a modern fleet of 9 high-capacity dredgers on the eastern coast of China. These vessels are fully committed during the next year to a contractual backlog that was approximately $135 million as of June 30, 2010. The Company has commitments for additional vessels currently under construction and is seeking to lease or purchase additional equipment. New equipment would be used to further expand the company’s dredging fleet to take advantage of new project opportunities in the P.R.C. that have been extended by its blue-chip customers – multi-billion international general contractors. Revenues of the Company’s P.R.C. operating subsidiary for the 12 months ended June 30, 2010 were approximately $85.5 million and the Company operated an average of 5 dredgers during that time.

About Rodman & Renshaw

Rodman & Renshaw Capital Group, Inc. is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.

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Source: rodm, January 4, 2011

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