GLG Life Tech Corporation

GLG Life Tech Corporation

December 01, 2009 12:34 ET

GLG Life Tech Corporation Announces Closing of Underwriters' Over-Allotment Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2009) - GLG Life Tech Corporation (TSX:GLG)(NASDAQ:GLGL) ("GLG" or the "Company"), the vertically integrated leader in the agricultural and industrial development of high quality stevia extracts, announced today that the underwriters of its recently completed equity offering (the "Offering") have purchased an additional 543,750 common shares from the Company at the public offering price of US$7.60 per share for gross proceeds of US$4,132,500 in connection with the closing of the full amount of the underwriters' over-allotment option. This brings the total gross proceeds raised from the Offering to US$31,682,500.

GLG expects to use the net proceeds from the Offering primarily for registered capital payments for the Company's Runhao subsidiary, debt repayment, working capital requirements and/or for other general corporate purposes.

The Company's registration statement became effective under the United States Securities Act of 1933, as amended, on November 20, 2009. A copy of the registration statement can be accessed through the SEC's website at and a copy of the short form prospectus may be obtained by visiting SEDAR at Canaccord Adams acted as the sole book-running manager for the offering. GMP Securities acted as co-lead manager with co-managers Roth Capital Partners in the United States and Desjardins Securities and Wellington West in Canada.

About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high purity stevia, an all natural, zero-calorie sweetener used in food and beverages. The Company's operations cover each step in the stevia supply chain including non-GMO stevia seed breeding, natural propagation, stevia leaf growth and harvest, proprietary extraction and refining, marketing and distribution of finished product.

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Forward-looking statements: This press release contains certain information that may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities laws, including statements regarding the anticipated use of proceeds. These statements are based upon assumptions that the proceeds of the Offering can successfully be used as described above and there can be no assurance that this will be the case. All statements relating to plans, strategies, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements. Forward-looking statements and information are inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, operational risks, the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and other risks and uncertainties disclosed under the heading "Risk Factors" in the short form prospectus and the registration statement on Form F-10, the Company's Annual Information Form in respect of the year ended December 31, 2008 and the risk factors in the Management's Discussion and Analysis for the year ended December 31, 2008. Forward-looking statements and information may be identified by terms such as "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project", or similar terms or the negatives of these terms. Although we believe that the expectations reflected in the forward-looking statements and information are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. The Company's forward-looking statements and information reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law.

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