Naturally Advanced Technologies raises $1.4 mn

22 May '10

1 min read

Naturally Advanced Technologies Inc. closed the non-brokered private placement, announced on May 18th, pursuant to which it has now issued from treasury 1,424,739 units (each a "Unit") of the Company, at a subscription price of $1.00 per Unit, and for gross proceeds of $1,424,739 (the "Private Placement").

Each Unit of the Private Placement is comprised of one common share and one-half of one share purchase warrant (each a "Warrant") of the Company, with each whole Warrant entitling the subscriber thereof to acquire one additional common share (each a "Warrant Share") of the Company at an exercise price of $1.25 per Warrant Share up to and including May 19, 2013.

All Shares issued pursuant to the Private Placement and any Warrant Shares issued in connection with the exercise of any of the Warrants, if any, are subject to a hold period expiring on September 20, 2010, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder's fees of $59,500 in cash have now been paid in conjunction with the closing of the Private Placement.

Proceeds of the Private Placement will be used to advance the development of the Company's business and for general corporate and working capital purposes.

Naturally Advanced Technologies Inc

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