Migao Corporation completes US$18.1 million financing

On May 18, 2006, Migao Corporation (formerly Fox Mountain Explorations Ltd.), a leading producer of specialty potash fertilizers in China, successfully completed a private placement of 6,363,000 units for gross proceeds of $18.1 million as part of a reverse take-over transaction undertaken by Fox Mountain to acquire all the issued and outstanding shares of H.K. Migao Industry Limited. The financing was co-led by Research Capital Corporation and CIBC World Markets Inc. and included Haywood Securities Inc. Research Capital Corporation also acted as sponsor in connection with the transaction. The agents were represented by Fasken Martineau with a team that included Rubin Rapuch, John Sabetti and Jamie Pennell (corporate/securities) and Edmond Luke (corporate/Asia Pacific).