Deal sells 2,515,000 units of a share, a half-share warrant at $1.25
By Devika Patel
Knoxville, Tenn., March 24 - Crailar Technologies Inc. said it completed a $3.14 million non-brokered private placement of units on March 21. The deal priced for $3.1 million on March 14.
The company sold 2,515,000 units of one common share and one half-share warrant at $1.25 per unit. Each whole, two-year warrant is exercisable at $1.75, a 28.68% premium to $1.36, the March 13 closing share price.
Proceeds will be used for the company's capital program and general corporate purposes.
The company also said it has received commitments from creditors to convert up to $1.5 million of debt into units identical to those sold in the private placement.
The Victoria, B.C., company offers 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 half-share warrant
|
| Amount: | $3,143,750
|
| Units: | 2,515,000
|
| Price: | $1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.75
|
| Agent: | Non-brokered
|
| Pricing date: | March 14
|
| Settlement date: | March 21
|
| Stock symbol: | OTCBB: CRLRF
|
| Stock price: | $1.36 at close March 13
|
| Market capitalization: | $57.81 million
|
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