Deal to finance development of acrylamide, wine yeast technologies
By Devika Patel
Knoxville, Tenn., Dec. 8 - Functional Technologies Corp. said it increased a non-brokered private placement of units that priced for C$3.03 million on Dec. 3. It will now raise C$4 million.
The company will now sell 7,275,000 units at C$0.55 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.70 for two years. The strike price reflects a 12.9% premium to the Dec. 2 closing share price of C$0.62.
Proceeds will be used for research and development of the company's acrylamide, wine yeast and other technologies, business development, intellectual property (patents, license fees, and trademarks) 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 one half-share warrant
|
| Amount: | C$4,001,250
|
| Units: | 7,275,000
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 3
|
| Upsized: | Dec. 8
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.62 at close Dec. 2
|
| Market capitalization: | C$21.71 million
|
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