Offering will finance general corporate and working capital purposes
By Devika Patel
Knoxville, Tenn., Dec. 19 - Crailar Technologies Inc. said it has arranged a C$2 million private placement of units with Hydra Ventures BV.
The company will sell 3,333,333 units of one common share and one warrant at C$0.60 per unit. Each five-year warrant will be exercisable at C$0.70, a 45.83% premium to C$0.48, the Dec. 18 closing share price.
Proceeds will be used for general corporate and working capital purposes.
The Victoria, B.C., company has developed cost-effective and environmentally sustainable natural fiber in the form of flax, hemp and other fibers for use in textile, industrial, energy, medical and composite material applications.
| Issuer: | Crailar Technologies Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 3,333,333
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.70
|
| Investor: | Hydra Ventures BV
|
| Pricing date: | Dec. 19
|
| Stock symbol: | TSX Venture: CL
|
| Stock price: | C$0.48 at close Dec. 18
|
| Market capitalization: | C$28.91 million
|
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