Non-brokered deal, priced at C$1.85 per share, to fund working capital
By Devika Patel
Knoxville, Tenn., Oct. 13 - Neptune Technologies & Bioressources Inc. said it settled a non-brokered private placement of common shares.
The company raised C$2.65 million by selling the shares at C$1.85 apiece. The per-share price reflects a 12.32% discount to the Oct. 12 closing share price of C$2.11.
"We reached our target of closing a gross proceed of C$2.5 million in parts from major institutional investors. The net proceeds of the offering will be used to increase working capital for Neptune and its subsidiary Acasti Pharma Inc.," vice president of administration and finance Andre Godin said in a press release.
Based in Laval, Quebec, Neptune Technologies develops nutritional products from marine biomasses.
| Issuer: | Neptune Technologies & Bioressources Inc.
|
| Issue: | Common shares
|
| Amount: | C$2,646,500
|
| Price: | C$1.85
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Settlement date: | Oct. 13
|
| Stock symbol: | TSX Venture: NTB
|
| Stock price: | C$2.11 at close Oct. 12
|
| Market capitalization: | C$80.96 million
|
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