March 23, 2010 (FinancialWire) — China Advanced Construction Materials Group, Inc. (NASDAQ: CADC) said it has closed the sale of an additional 300,000 shares of common stock at its recent public offering price of $4.60 per share for proceeds of $1.38 million due to the over-allotment option exercised by the company’s underwriter in connection with a public offering that closed on March 1.

The exercise of the over-allotment option brings the total number of shares sold by China ACM in its registered public offering to 2.3 million and the gross proceeds to $10.58 million.

China ACM plans to use most of the offering proceeds to purchase two additional portable concrete mixing plants as a part of its growth strategy. In addition, the company intends to use a portion of the proceeds for working capital and general corporate purposes.

China-based China ACM is a producer of construction materials for large scale infrastructure, commercial and residential developments. The company is primarily focused on producing and supplying a range of ready-mix concrete materials. It also aims to develop and produce energy efficient and environmentally conscious construction materials.

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