Deal sells 5 million units of one share, one warrant at C$0.20 apiece
By Devika Patel
Knoxville, Tenn., July 16 - Functional Technologies Corp. said it will conduct a C$1 million non-brokered private placement of units.
The company will sell 5 million units of one common share and one warrant at C$0.20 per unit.
Each warrant will be exercisable at C$0.30 for two years. The strike price reflects a 15.39% premium to the July 13 closing share price of C$0.26.
The company also said that it has arranged a C$250,000 working capital bridge loan, which may be increased to C$500,000. The lender may receive 122,549 common shares as a bonus for the initial tranche of the loan. The 18% loan matures in one year.
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$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | July 16
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.26 at close July 13
|
| Market capitalization: | C$11.86 million
|
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