PORTLAND, OR, May 21 /PRNewswire-FirstCall/ - Naturally
Advanced Technologies Inc. (OTCBB: NADVF; TSXV: NAT) (the
"Company") 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.
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. CRAiLAR(R) technology offers cost-effective and
environmentally sustainable processing and production of natural,
bast fibers such as hemp and flax, resulting in increased
performance characteristics for use in textile, industrial, energy,
medical and composite material applications. The Company was
founded in 1998 as a provider of environmentally friendly, socially
responsible clothing and adheres to a "triple bottom line"
philosophy, respecting the human rights of employees, the
environmental impact of the Company's operations and fiscal
responsibility to its shareholders. See
www.naturallyadvanced.com.
Neither the TSX Venture Exchange Inc. nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Disclaimer
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this news release,
other than statements of historical facts, are forward-looking
statements. Forward-looking statements or information are subject
to a variety of risks and uncertainties which could cause actual
events or results to differ from those reflected in the
forward-looking statements or information and including, without
limitation, risks and uncertainties relating to: any market
interruptions that may delay the trading of the Company's shares,
technological and operational challenges, needs for additional
capital, changes in consumer preferences, market acceptance and
technological changes, dependence on manufacturing and material
supplies providers, international operations,
competition,regulatory restrictions and the loss of key employees.
In addition, the Company's business and operations are subject to
the risks set forth in the Company's most recent Form 10-K, Form
10-Q and other SEC filings which are available through EDGAR at
www.sec.gov. These are among the primary risks we foresee at the
present time. The Company assumes no obligation to update the
forward-looking statements.
SOURCE Naturally Advanced Technologies Inc.