Hemptown Clothing raises $1.4 million from private placement

By Sheri Kasprzak

New York, Sept. 27 - Hemptown Clothing Inc. said it has completed a private placement for $1.4 million.

The exact details of the offering could not be determined by press time Tuesday.

Hemptown said it intends to forward $1.3 million of the proceeds to its subsidiary, Crailar Fiber Technologies Inc., 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.

On Tuesday, the company's stock gained a penny to close at $0.30.

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