Functional Tech closes $1.9-million second tranche
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2012-10-10 08:48 ET - News Release
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Mr. Geoff Lee reports
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FUNCTIONAL TECHNOLOGIES CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT
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Functional Technologies Corp. has closed the second tranche of the non-brokered private placement announced in its news release of July 16, 2012, raising gross proceeds of approximately $1.9-million through the issuance of 9.6 million units at a price of 20 cents per unit. Each unit is composed of one common share and one share purchase warrant. Each warrant is exercisable at a price of 30 cents for a period of two years, subject to an accelerated exercise provision.
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In connection with the second-tranche closing, the company paid cash fees totalling approximately $100,000 and issued approximately 700,000 share purchase warrants to finders. The finders' warrants have the same terms as the share purchase warrants issued to the investors as part of their units, but the finders' warrants are non-transferable.
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A hold period expiring on Feb. 9, 2013, applies to the securities issued in the second tranche of the private placement