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Asia Bio-Chem Group closes US$10 million equity financing

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Asia Bio-Chem Group Corp.

On February 1, 2011, Asia Bio-Chem Group Corp. (TSX: ABC) announced that it had closed a bought deal financing with a syndicate of underwriters led by Canaccord Genuity Corp. and including Dundee Securities Corporation, Jennings Capital Inc., Mackie Research Capital Corporation, Octagon Capital Corporation, Raymond James Ltd., and Northern Securities Inc. previously announced on January 12, 2011. Asia Bio-Chem issued 7,200,000 common shares for gross proceeds to the company of approximately $10 million. The common shares were issued under a short form prospectus dated January 25, 2011. The net proceeds of the financing will be used to fund the construction of a downstream production facility at the company's existing Daqing plant, expected to be completed in the fourth quarter of 2011.Asia Bio-Chem was advised in this transaction by Fasken Martineau with a team that included Georald Ingborg, Caroline Clapham, Rubin Rapuch and Francesco Tallarico.



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