VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2010) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES RESIDENTS
Functional Technologies Corp. (TSX VENTURE:FEB) announces that, subject to TSX Venture Exchange approval, it has arranged a non-brokered private placement which, to date, consists of 5.5 million units at $0.55 per unit for gross proceeds of $3,025,000. Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.70 for a period of 24 months from the closing of the offering.
The net proceeds will be used for research and development of the company's acrylamide, wine yeast and other technologies, business development, intellectual property (patents, license fees, and trademarks) and general working capital.
Functional Technologies has the option, if the closing price of its common shares exceeds $1.00 for 20 continuous trading days, to give the warrant holder 30 days notice of an accelerated warrant expiry date.
Finder's fees will be payable in connection with this private placement.
About Functional Technologies Corp.
Functional Technologies Corp. develops and commercializes proprietary technologies that enhance the natural properties of yeast and algae — nature's microscopic workhorses. Our scientists apply novel techniques to these micro-celled organisms to resolve significant health and quality problems, and generate new opportunities in the global food, beverage and healthcare industries. Our first commercial products are our Phyterra™ line of proprietary yeast strains, designed to reduce the formation of foul-smelling hydrogen sulfide and the carcinogen urethane in wines and other fermented products. With a head office in Vancouver, Functional Technologies Corp. has R&D facilities in Prince Edward Island and a U.S. sales office in Napa Valley, California. For more information, please visit www.functionaltechcorp.com.
Neither the TSX Venture Exchange 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.