Aug 27 (Reuters) - Paragon Care Ltd PGC.AX :
* ANNOUNCES SHARE PLACEMENT TO CHINA PIONEER GROUP; INVOLVES ISSUE OF 50.4 MILLION FULLY PAID ORDINARY SHARES AT A PRICE OF AU$0.91 PER SHARE
* PROCEEDS WILL BE USED TO FUND NEAR TERM ACQUISITIONS OF COMPLEMENTARY HEALTHCARE BUSINESSES IN AUSTRALIA AND NEW ZEALAND