China Medicine raises $69.6 million

China Medicine Corp. (OTCBB:CHME) raised $69.6 million through the sale of 4 million common shares at $3 per share and 1.9 million convertible preferred shares at $30 per share in a private placement to One Equity Partners. The company received $12 million, with the remaining $57.6 million from the sale of preferred shares to be held in escrow and requested by China Medicine as needed. Each preferred share is convertible to 10 common shares. One Equity Partners is the global private equity investment arm of JPMorgan. ...