By Devika Patel
Knoxville, Tenn., June 22 - Functional Technologies Corp. said it raised C$3.2 million in a private placement of units. The deal priced for C$3.51 million on April 14 and was amended to C$3.5 million on June 8.
The company sold 8 million units of one common share and one warrant at C$0.40 apiece via agent Loewen, Ondaatje, McCutcheon Ltd. on a best-efforts basis.
The warrants are exercisable at C$0.80 for two years.
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 warrant
|
| Amount: | C$3.2 million
|
| Units: | 8 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | April 14
|
| Amended: | June 8
|
| Settlement date: | June 22
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.50 at close April 14
|
| Market capitalization: | C$10.3 million
|
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