Non-brokered offering sells 70 million units with five-year warrants
By Devika Patel
Knoxville, Tenn., Sept. 3 – Crailar Technologies Inc. said it plans a $3.5 million non-brokered private placement of units.
The company will sell 70 million units of one common share and one warrant at $0.05 per unit.
Each five-year warrant will be exercisable at $0.08. The strike price is a 100% premium to the Sept. 2 closing share price of $0.04.
Settlement is expected Oct. 3.
Proceeds will be used to pay down trade payables and for general corporate and working capital purposes.
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 warrant
|
| Amount: | $3.5 million
|
| Units: | 70 million
|
| Price: | $0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.08
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 3
|
| Settlement date: | Oct. 3
|
| Stock symbol: | OTCBB: CRLRF
|
| Stock price: | $0.04 at close Sept. 2
|
| Market capitalization: | $2.66 million
|
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