News Flash

Funds to develop CRAILAR technology for hemp textile

10 Jul '08

3 min read

Naturally Advanced Technologies Inc a developer of proprietary technologies for the processing and production of environmentally sustainable natural fibers and materials, is pleased to announce it has received final approval to list its common shares on the TSX Venture Exchange.

The Company's common shares will trade under the symbol "NAT" and will begin trading on the TSX-V at the opening of business on Tuesday, July 8, 2008.

$2 Million Private Placement:
In connection with the TSX-V listing, the Company closed a brokered and non brokered private placement on July 3, 2008 for gross proceeds of just under $1.98 million.

Pursuant to the private placements, the Company issued a total of 1,472,426 units at $1.35 per unit, representing just over 5% of the Company's common shares outstanding.

Each unit ("Unit") is comprised of one common share (a "Share") and one half of one Share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Share at a price of $1.95 until July 3, 2010.

1,117,426 Units were placed through Canaccord Capital Corporation ("Canaccord") under the brokered portion of the deal, while 355,000 Units were placed under the non-brokered portion. Net proceeds to the Company from this private placement amount to $1,834,656.

In connection with the brokered private placement, the Company paid Canaccord a cash commission, as well as granted 109,942 agent's options to Canaccord, and 1,800 agent's options to Bolder Investment Partners Ltd.

Each agent's option is exercisable for a Unit at a price of $1.35, consisting of one Share and one half of one Warrant. Each full Warrant entitles the agent Warrant holder to purchase an additional Share at $1.35 until July 3, 2010.

All securities issued in connection with the private placements are subject to a four month hold period in Canada. The funds from the private placements will be used to fund CRAILAR development, repay debt, and general and administrative expenses.

"The TSX-V listing will provide NAT with access to additional Capital markets that are receptive to high growth companies with unique technologies," said Ken Barker, CEO of Naturally Advanced Technologies Inc.

"This significant milestone will allow the Company to target its communications to a broader investor audience, while creating greater liquidity levels for the Company's shareholders.

With the closing of the private placement, the Company continues to be in an excellent position to commercialize our CRAILAR technology."

Neither the TSX-V nor any regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Naturally Advanced Technologies Inc

More Naturally Advanced Technologies Inc News... More Textiles News - Canada...