Post by
Tommer3 on Jun 23, 2011 12:02pm
Vote of confidence........by investors
Functional raises $3.3-million from warrant exercises
2011-06-23 07:35 ET - News Release
Mr. Howard Louie reports
FUNCTIONAL TECHNOLOGIES ANNOUNCES EXERCISE OF WARRANTS
Functional Technologies Corp. has received gross proceeds of $3.3-million from the exercise of 4.1 million common share purchase warrants which were exercisable at a price of 80 cents per warrant until June 18, 2011. All associated warrants not exercised have expired.
"We are appreciative of the confidence shown by shareholders who exercised these warrants," said Howard Louie, chairman and chief executive officer of Functional Technologies. "We anticipate achieving several significant and transformative milestones in addition to those that we have announced in recent months. However, we are also cognizant of the volatile and difficult capital markets environment, and consequently are motivated by the support shareholders have shown our company in deploying capital to facilitate the execution of milestones."
With the exercise of the warrants, the company now has 48,796,895 common shares issued and outstanding.