By Susanna Moon
Chicago, June 8 - Functional Technologies Corp. said it amended its C$3.5 million private placement of units that priced on April 14.
The company now will sell 8.75 million units at C$0.40 each, up from 7.8 million units at C$0.45 apiece.
Each unit now will consist of one common share and one purchase warrant, with each warrant exercisable at C$0.80 per share for 24 months. The company originally planned to sell units of one common share and a half-share warrant, with warrants exercisable at C$0.60 for 18 months.
Loewen, Ondaatje, McCutcheon Ltd., the agent, also has been granted an over-allotment option to increase the offering to a maximum of C$5 million and sell 3.75 million additional units. The company previously said the units will be sold on a best-efforts basis.
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 share and one warrant
|
| Amount: | C$3.5 million
|
| Greenshoe: | C$1.5 million
|
| Units: | 8.75 million
|
| Price: | C$0.40
|
| Warrants: | One per unit
|
| Warrant expiration: | 24 months
|
| Warrant strike price: | C$0.80
|
| Agent: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | April 14
|
| Amended: | June 8
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.50 at close April 14
|
| C$0.48 at close June 5
|
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