Non-brokered offering sells units with half-share warrants at $2.21
By Devika Patel
Knoxville, Tenn., Oct. 11 - Naturally Advanced Technologies Inc. said it completed a $2.36 million non-brokered private placement of units. The deal priced for $8 million on Aug. 23.
The company sold 1,067,774 units of one common share and one half-share warrant at $2.21 per unit.
Each whole warrant is exercisable at $3.45 until Oct. 10, 2014. The strike price reflects a 32.69% premium to $2.60, the Aug. 22 closing share price.
Proceeds will be used to complete the installation of the company's facility in Pamplico, S.C., and for equipment deposits, harvesting and general corporate purposes.
Naturally Advanced Technologies, based in Vancouver, B.C., is a Cleantech company focused on providing environmentally friendly textile, composite, biomass and pulping solutions, through the processing of industrial hemp and other bast fiber crops.
| Issuer: | Naturally Advanced Technologies Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $2,359,781
|
| Units: | 1,067,774
|
| Price: | $2.21
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Oct. 10, 2014
|
| Warrant strike price: | $3.45
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 23
|
| Settlement date: | Oct. 11
|
| Stock symbol: | OTCBB: NADVF
|
| Stock price: | $2.60 at close Aug. 22
|
| Market capitalization: | $91.46 million
|
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