By Sheri Kasprzak
New York, Sept. 30 - Hemptown Clothing Inc. released the details of its previously announced $1,405,000 private placement.
The company sold 1.3 million shares of its subsidiary, Crailar Fiber Technologies Inc., at $1.00 each to three investors.
Hemptown also sold a total of 420,000 units in two separate closings at $0.25 each for proceeds of $105,000.
The units include one share of Hemptown and one warrant. The warrants issued in the first closing are exercisable at $0.50 each for the first year and $1.00 each for the remaining six months. The warrants issued in the second closing are exercisable at $0.50 each for 18 months.
The proceeds forwarded to Crailar will be used for trials on one of its natural fibers. The rest will be used for marketing and general corporate purposes.
Based in Vancouver, B.C., Hemptown produces fabrics and clothing from hemp and cotton.
Stock
| Issuer: | Hemptown Clothing Inc. for Crailar Fiber Technologies Inc.
|
| Issue: | Stock
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| Amount: | $1.3 million
|
| Shares: | 1.3 million
|
| Price: | $1.00
|
| Warrants: | No
|
| Settlement date: | Sept. 27
|
| Stock price: | $0.30 at close Sept. 27
|
|
|
| Units
|
| Issuer: | Hemptown Clothing Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $105,000
|
| Units: | 420,000
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $0.50 for the first year, $1.00 for the remaining six months (first closing); $0.50 for 18 months (second closing)
|
| Settlement date: | Sept. 27
|
| Stock price: | $0.30 at close Sept. 27
|
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