Naturally Advanced Technologies Announces Private Placement of Units
Press Release Source: Naturally Advanced Technologies Inc. On Friday May 14, 2010, 4:05 pm EDT
PORTLAND, OR, May 14 /PRNewswire-FirstCall/ - Naturally Advanced Technologies Inc. (OTCBB:NADVF.ob - News) (TSXV: NAT) has arranged, subject to regulatory approval, a non-brokered private placement consisting of the issuance of up to 1,400,000 units (each a "Unit") of the company, at a subscription price of $1.00 per Unit, to qualified investors, raising up to $1,400,000 by the company (collectively, the "Private Placement").
Each Unit of the Private Placement is comprised of one common share and one-half of one share purchase warrant (each a "Warrant") of the company, with each whole Warrant entitling the subscriber thereof to acquire an additional common share (each a "Warrant Share") of the company for a period of three years from the date of issuance of the Warrants at an exercise price of $1.25 per Warrant Share.
Ken Barker, CEO of Naturally Advanced Technologies stated: "As announced on April 27, 2010, our successful spinning trials have verified the commercial quality and volume capabilities for CRAiLAR Organic Fibers and solidified the commercialization potential of our CRAiLAR(R) technology. As a result, we are in the final phase of our joint development agreement with Hanesbrands, Inc. and working together to develop a commercially viable supply chain and economic, marketing and branding strategies. Based on this progress, we expect this private placement to get us to the point where we start recording our initial revenue from producing commercial levels of CRAiLAR."
Finders' fees may be paid by the company in conjunction with the completion of the Private Placement in accordance with TSX Venture Exchange policies.
Proceeds of the Private Placement will be used to advance the development of the company's business and for general corporate and working capital purposes. |
