Home / Knowledge / News / Textiles / CRAiLAR garners $3.5mn in private financing
CRAiLAR garners $3.5mn in private financing
31
Jul '13
CRAiLAR Technologies Inc. is pleased to announce that on Friday, July 26, 2013, the Company filed regulatory documents in Canada that closed the first tranche of its previously announced non-brokered private placement offering (the “Offering”) of 10.0% secured, subordinated convertible debentures (the “Debentures”) of the Company for aggregate gross proceeds of $3,535,000.

These Debentures will mature on July 26, 2016 (the “Maturity Date”) and will accrue interest at a rate of 10.0% per annum payable semi-annually in arrears on March 31 and September 30 in each year commencing September 30, 2013.  At the holder’s option, the Debentures may be converted into common shares in the capital of the Company (each a “Share”) at any time up to the earlier of the Maturity Date and the business day immediately preceding the date specified by the Company for redemption of the Debentures. 

The conversion price, subject to adjustment in certain circumstances, will be $2.00 per Share, being a conversion rate of approximately 500 Shares for each $1,000 principal amount of Debentures.  The Debentures will not be listed for trading on the TSX Venture Exchange (the “Exchange”) or any other public market.  Each subscriber for Debentures has now received 800 transferable common share purchase warrants (each a “Warrant”) for each $1,000 of principal amount tendered to the Company, with each Warrant now entitling the holder thereof to purchase one additional Share (each a “Warrant Share”) at an exercise price of $1.25 per Warrant Share until July 26, 2016.

In conjunction with the closing of this tranche of the Offering the Company has agreed to pay compensation to certain finders of aggregate cash finder’s fees of $240,450 together with non-transferable share purchase warrants, having the same attributes as the Warrants, for the purchase of an aggregate of up to 192,360 Shares of the Company.

The securities issued under this first tranche of the Offering, including the share purchase warrants issued to the finders, are subject to a Canadian four-month hold period which will expire on November 27, 2013. In addition, such securities are “restricted securities” as defined under Rule 144(a)(3) of the U.S. Securities Act and contain the appropriate restrictive legends as required under the U.S. Securities Act, National Instrument 45-102 and as required by the Exchange.

The Company intends to use the net proceeds of the Offering to fund the Company’s capital program and for general corporate purposes.

Increase to and Extension of the Offering

The Company is also pleased to announce that, based on additional expressions of interest, the Company has increased its proposed Offering from $5,000,000 to up to $5,535,000 and extended the proposed closing date to August 31, 2013.  There is no assurance that the balance of the Offering will be taken up.

CRAiLAR


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Urmil Arya

Sushila International, a well established textile organisation established ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search