SinoCoking Completes Private Placement Financing and Raises Additional $37 Million

SinoCoking Coal and Coke Chemical Industries, Inc. (NASDAQ: SCOK) (the “Company” or “SinoCoking”) announced today that it completed a subsequent and final closing of its private placement equity financing, following the initial closing of the financing which occurred on February 5, 2010. In the transaction, the Company issued and sold an additional 5,000,000 of its units of its restricted equity securities to U.S. accredited investors in reliance on an exemption from registration under Regulation D, and an additional 1,162,376 of its unregistered units to non-U.S. investors under Regulation S and/or Regulation D. Each unit consists of one share of restricted common stock, and a warrant for the purchase of 0.5 shares of common stock with an exercise price of $12.00 per share. The units were sold for USD $6.00 per unit.

Together with proceeds from the initial closing, the Company has raised a total of $44 million from U.S. institutional and accredited investors and non-U.S. investors, in order to fund SinoCoking’s growth and working capital requirements. A total of approximately 7.4 million shares of common stock, and warrants for the purchase of an additional 3.7 million shares of common stock with an exercise price of $12.00 per share, have been issued by the Company. The warrants are exercisable for a period of five years from the date of issuance. The warrant may be callable if the Company’s common stock trades at a price equal to at least 150% of the exercise price and a minimum volume of at least for 10 consecutive trading days.

Madison Williams & Company, LLC and Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as joint placement agents in connection with the transaction.

“We are pleased to announce this transaction and to add experienced and highly sophisticated U.S. investors to our shareholder base,” said Jianhua Lv, the Chief Executive Officer of SinoCoking. “The proceeds of this financing will be applied to the expansion of our production capacity in order to meet current demand from our customers. The timing of this financing was crucial in order to support our expansion plans, the centerpiece of which is the construction of our new coking facility, which requires an estimated capital investment of $70 million to complete. With the proceeds from this equity financing, and our available credit lines, we believe that we now have sufficient working capital to execute these plans.”

The securities in the private placement were issued as restricted securities exempt from registration, and were not issued in connection with any registration statement. The securities issued are subject to applicable restrictions on resale pursuant to Regulation D and Regulation S, promulgated under the Securities Act of 1933.

About SinoCoking

SinoCoking Coal and Coke Chemical Industries, Inc., a Florida corporation (NASDAQ: SCOK) is a vertically-integrated coal and coke processor that uses coal from both its own mines and that of third-party mines to produce basic and value-added coal products for steel manufacturers, power generators, and various industrial users. SinoCoking currently has mining rights and capacity to extract 300,000 tons of coal per year from mines located in the Henan Province in central China. SinoCoking has been producing metallurgical coke since 2002, and acts as a key supplier to regional steel producers in central China. SinoCoking, a Florida corporation, owns its assets and conducts its operations through its subsidiaries, Top Favour Limited, a British Virgin Islands holding company, Pingdingshan Hongyuan Energy Science and Technology Development Co., Ltd. (“Hongyuan”), Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd. (“Hongli”), Baofeng Coking Factory, Baofeng Hongchang Coal Co., Ltd. and Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd.

For further information about SinoCoking, please refer to the Definitive Proxy Statement of the Company (previously named Ableauctions.com, Inc.) filed on Schedule 14A on November 27, 2009, as well as the current and other periodic reports of the Company filed with the Securities and Exchange Commission.

This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases “plans”, “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think”, “considers” or similar expressions are intended to identify “forward-looking statements.” These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's expectations and estimates.