PORTLAND, OR, May 14 /PRNewswire-FirstCall/ - Naturally
Advanced Technologies Inc. (OTCBB: NADVF) (TSXV: NAT) has arranged,
subject to regulatory approval, a non-brokered private placement
consisting of the issuance of up to 1,400,000 units (each a "Unit")
of the company, at a subscription price of $1.00 per Unit, to qualified investors, raising
up to $1,400,000 by the company
(collectively, 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 an additional common share (each a "Warrant
Share") of the company for a period of three years from the date of
issuance of the Warrants at an exercise price of $1.25 per Warrant Share.
Ken Barker, CEO of Naturally
Advanced Technologies stated: "As announced on April 27, 2010, our successful spinning trials
have verified the commercial quality and volume capabilities for
CRAiLAR Organic Fibers and solidified the commercialization
potential of our CRAiLAR(R) technology. As a result, we are in the
final phase of our joint development agreement with Hanesbrands,
Inc. and working together to develop a commercially viable supply
chain and economic, marketing and branding strategies. Based on
this progress, we expect this private placement to get us to the
point where we start recording our initial revenue from producing
commercial levels of CRAiLAR."
Finders' fees may be paid by the company in conjunction with the
completion of the Private Placement in accordance with TSX Venture
Exchange policies.
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.