GLG Life Tech Corporation Announces Closing of Underwriters' Over-Allotment Option
01 Dicembre 2009 - 6:34PM
Marketwired
GLG Life Tech Corporation (TSX: GLG)(NASDAQ: GLGL) ("GLG" or the
"Company"), the vertically integrated leader in the agricultural
and industrial development of high quality stevia extracts,
announced today that the underwriters of its recently completed
equity offering (the "Offering") have purchased an additional
543,750 common shares from the Company at the public offering price
of US$7.60 per share for gross proceeds of US$4,132,500 in
connection with the closing of the full amount of the underwriters'
over-allotment option. This brings the total gross proceeds raised
from the Offering to US$31,682,500.
GLG expects to use the net proceeds from the Offering primarily
for registered capital payments for the Company's Runhao
subsidiary, debt repayment, working capital requirements and/or for
other general corporate purposes.
The Company's registration statement became effective under the
United States Securities Act of 1933, as amended, on November 20,
2009. A copy of the registration statement can be accessed through
the SEC's website at http://www.sec.gov/ and a copy of the short
form prospectus may be obtained by visiting SEDAR at
http://www.sedar.com/. Canaccord Adams acted as the sole
book-running manager for the offering. GMP Securities acted as
co-lead manager with co-managers Roth Capital Partners in the
United States and Desjardins Securities and Wellington West in
Canada.
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of
high purity stevia, an all natural, zero-calorie sweetener used in
food and beverages. The Company's operations cover each step in the
stevia supply chain including non-GMO stevia seed breeding, natural
propagation, stevia leaf growth and harvest, proprietary extraction
and refining, marketing and distribution of finished product.
For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release contains certain
information that may constitute "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian and United States securities laws, including statements
regarding the anticipated use of proceeds. These statements are
based upon assumptions that the proceeds of the Offering can
successfully be used as described above and there can be no
assurance that this will be the case. All statements relating to
plans, strategies, projections of results of specific activities or
investments, and other statements that are not descriptions of
historical facts may be forward-looking statements. Forward-looking
statements and information are inherently subject to risks and
uncertainties, and actual results could differ materially from
those currently anticipated due to a number of factors, which
include, but are not limited to, operational risks, the effects of
general economic conditions, changing foreign exchange rates and
actions by government authorities, uncertainties associated with
legal proceedings and negotiations, industry supply levels,
competitive pricing pressures and other risks and uncertainties
disclosed under the heading "Risk Factors" in the short form
prospectus and the registration statement on Form F-10, the
Company's Annual Information Form in respect of the year ended
December 31, 2008 and the risk factors in the Management's
Discussion and Analysis for the year ended December 31, 2008.
Forward-looking statements and information may be identified by
terms such as "may", "will", "should", "continue", "expect",
"anticipate", "estimate", "believe", "intend", "plan" or "project",
or similar terms or the negatives of these terms. Although we
believe that the expectations reflected in the forward-looking
statements and information are reasonable, we cannot guarantee
future results, levels of activity, performance, or achievements.
The Company's forward-looking statements and information reflect
the beliefs, opinions and projections on the date the statements
are made. The Company assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law.
Contacts: GLG Life Tech Corporation Brian Meadows Chief
Financial Officer +1 (604) 641-1368 +1 (604) 844-2830 (FAX)
ir@glglifetech.com www.glglifetech.com
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