Wuhan General Group (China), Inc. (OTCPK:WUHN) announced a private placement of 1,500,000 units at $0.30 per unit for gross proceeds of $450,000 on December 30, 2020. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at $0.30 per share for three years from closing.

The transaction is expected to close at the latest January 30, 2021.