Sep. 22, 2009 (PR Newswire) -- PORTLAND, OR, Sept. 22 /PRNewswire-FirstCall/ - Naturally Advanced Technologies Inc. (OTCBB: NADVF, TSXV: NAT) closed a non-brokered private placement as of September 21st consisting of 833,060 Units of the Company, at a subscription price of CDN$1.20 (USD$1.10) per Unit, and for gross proceeds of CDN$999,672 (USD$916,366).
"We expect the combination of the USD$916,366 private placement and our recently announced strategic and manufacturing partnerships to enable us to bring our Crailar(R) technologies to commercialization in the coming months," said Ken Barker, CEO of Naturally Advanced Technologies Inc. "We are moving forward with our relationships with industry-leading companies such as Hanesbrands Inc. and anticipate the first revenue from our Crailar Organic Fibers technology to occur in the fourth quarter of this year."
Each Unit is comprised of one common share and one-half of one share purchase warrant of the Company. Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CDN$1.50 (USD$1.38) per Warrant Share until September 21, 2012.
All Shares issued and any Warrant Shares issued in connection with the exercise of any of the Warrants, if any, will be subject to a four month hold period expiring on January 22, 2010, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
In September, finder's fees of (A) CDN$67,532 (USD$61,904) in cash were paid and (B) 63,793 warrants were issued at an exercise price of CDN$1.20 (USD$1.10) with the same terms and conditions as the Units issued.
Proceeds are intended be used to advance development of the Company's business and for general working capital.
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from hemp and other bast fibers. The company, through its wholly owned subsidiary, Crailar Fiber Technologies Inc., is developing proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products, in collaboration with Canada's National Research Council and the Alberta Research Council.
