By Devika Patel
Knoxville, Tenn., Nov. 4 - Functional Technologies Corp. said it will take in C$2 million in an oversubscribed private placement of units. The deal priced for C$1.8 million on Oct. 20.
The company now plans to sell 3,333,667 units of one common share and one warrant at C$0.60 apiece. It originally intended to sell 3 million units.
The whole warrants are exercisable at C$0.60 for two years.
Proceeds will be used to fund further exploration of the company's Colibri II-III mineral concessions located on the Macusani plateau in Peru and for working capital and general corporate purposes.
Vancouver, B.C.-based Functional Technologies is a functional foods and biological health products company that develops and commercializes advanced yeast products, and other novel biological products, for the food and the health care industries.
| Issuer: | Functional Technologies Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,000,200.20
|
| Units: | 3,333,667
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Pricing date: | Oct. 20
|
| Upsized: | Nov. 3
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.60 at close Oct. 17
|
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