Naturally Advanced Technologies Closes $13.1 Million Offering
We are pleased to announce the closing of our previously announced bought deal public offering of 3,800,000 units of the Company at a price of C$3.45 per Unit for aggregate gross proceeds of C$13,110,000 . Each Unit is comprised of one common share and one half of one common share purchase warrant of the Company. Each Warrant entitles the holder to acquire one common share of the Company at an exercise price of C$4.50 per common share at any time before 5:00 p.m. PST on July 8, 2013.
We plan to use the net proceeds from the Offering for capacity expansion, debt repayment, working capital and other general corporate purposes.
Our CEO,Ken Barker, commented: “The support received for this Offering shows that the market, like Company management, believes that there is significant value in our “green tech” focus on providing environmentally-friendly textile, composite, biomass and pulping solutions through the cost effective process of converting industrial flax, hemp and other bast fibre crops through its patented CRAiLAR® and CRAiLEXTM technologies. NAT brings sustainable bast fibre-based products to market, providing environmentally-friendly natural fibre alternatives for a broad range of existing and emerging product applications, with equivalent or superior performance characteristics to cotton, wood or fossil-fuel based competitors.”