Non-brokered offering sells units with half-share warrants at $2.21
By Devika Patel
Knoxville, Tenn., Aug. 23 - Naturally Advanced Technologies Inc. said it plans an $8 million non-brokered private placement of units.
The company will sell units of one common share and one half-share warrant at $2.21 per unit.
Each whole warrant is exercisable at $3.45 for two years. 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.
The company also said that it has entered into an agreement with Cormark Securities Inc. in which Cormark has agreed to purchase $10 million of 10% convertible secured debentures due Sept. 30, 2017 for resale. The debentures will be sold at par of C$1,000, and there is a 15% greenshoe.
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: | $8 million
|
| Price: | $2.21
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $3.45
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 23
|
| Stock symbol: | OTCBB: NADVF
|
| Stock price: | $2.60 at close Aug. 22
|
| Market capitalization: | $109.41 million
|
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