By Devika Patel
Knoxville, Tenn., April 14 - Functional Technologies Corp. said it will take in C$3.51 million in a private placement of units.
The company will sell 7.8 million units of one common share and one half-share warrant at C$0.45 apiece via agent Loewen, Ondaatje, McCutcheon Ltd. The units will be sold on a best-efforts basis.
The whole warrants are exercisable at C$0.60 for 18 months.
Proceeds will be used primarily to purchase equipment and related labor required for the completion of initial manufacturing capability at the company's P.E.I. facilities, as well as for the commercialization of new technology, for ongoing research and development and general working capital.
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 a half-share warrant
|
| Amount: | C$3.51 million
|
| Units: | 7.8 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | April 14
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.50 at close April 14
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
