Deal sells 8,725,000 units of one share, one warrant at C$0.20 apiece
By Devika Patel
Knoxville, Tenn., Sept. 24 - Functional Technologies Corp. said it increased a non-brokered private placement of units to C$1.75 million from C$1 million. The deal priced July 16 and raised C$445,000 on Aug. 9.
The company is now selling 8,725,000 units of one common share and one warrant at C$0.20 per unit. It sold 2,225,000 units in the initial tranche.
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.
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$1,745,000
|
| Units: | 8,725,000
|
| 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
|
| Upsized: | Sept. 24
|
| Settlement date: | Aug. 9 (for C$445,000)
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.26 at close July 13
|
| Market capitalization: | C$12.42 million
|
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