GLG Life Tech Corporation

GLG Life Tech Corporation

January 22, 2008 09:00 ET

GLG Life Tech Corporation Announces Restructuring of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - GLG Life Tech Corporation ("GLG") (TSX:GLG) announces today that two investment funds managed by Black River Asset Management LLC ("Black River"), a subsidiary of Cargill, intend to exercise up to $12.5 million worth of the warrants they received in a warrant restructuring by January 31, 2008, resulting in the issuance of 3,591,410 common shares of GLG at a price of $3.50 per share. GLG has also reached agreement with Cargill and the Black River funds regarding certain amendments of the share purchase warrants issued to Cargill in July 2007. The material provisions of the amendments appear in Schedule A to this news release.

Cargill announced in May 2007 it will be producing the world's first commercial scale natural, zero-calorie high intensity sweetener, rebiana. GLG Life Tech is a strategic supplier to Cargill for high quality stevia extract for its rebiana product. The two companies have worked in close partnership to develop a world-class supply chain including leaf supply and extract manufacturing.

"We are extremely pleased with the amendments to the share purchase warrants previously issued to Cargill as this will result in significantly less dilution to GLG shareholders while continuing to provide Cargill with a meaningful strategic investment opportunity in GLG," stated GLG Chairman and President, Dr. Luke Zhang.

About GLG Life Tech Corporation

GLG Life Tech Corporation specializes in growing, refining, and producing high grade stevia extract With fully integrated stevia operations, GLG can now supply the majority of high quality stevia production in China. The Corporation is also engaged in the distribution of nutritional products in China and holds exclusive agreements with Weider Global Nutrition and Shandong Yong He Tang Health Products Chain Stores Ltd., whose franchise network includes over 1,200 locations. Please visit for further information.

About Cargill, Incorporated

Cargill, Incorporated is an international provider of food, agricultural and risk management products and services. With 158,000 employees in 66 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. For more information, visit

About Black River Asset Management LLC

Black River Asset Management, an independently managed subsidiary of Cargill, is a global asset management company with 12 offices in 10 countries and more than 20 years of experience. Black River's experienced investment professionals implement alternative investment strategies across a wide range of developed and emerging markets.

Forward-looking statements: Statements in this press release 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 information is 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, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "forecasts", "potential", or "continue", or similar terms or the negatives of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. The corporation has no obligation to update these forward-looking statements.


1. The first share purchase warrant entitled Cargill to purchase up to 14,365,642 common shares of GLG, at an exercise price of $3.50 until January 31, 2008. The expiry date as to the exercise of 3,591,411 common shares under the first warrant will be extended to February 29, 2008, and the expiry date as to the exercise of 7,182,281 common shares will be extended to March 31, 2009. Cargill will assign the first warrant, as to the right to purchase 3,591,410 common shares on or before January 31, 2008, and as to the right to purchase 3,591,410 common shares on or before March 31, 2009, to two investment funds managed by Black River Asset Management LLC, a subsidiary of Cargill.

2. The second share purchase warrant entitled Cargill to purchase common shares of GLG equal to 10% of GLG's common shares outstanding on a fully diluted basis as at January 30, 2008. This percentage will be decreased to 5%. The warrant exercise price will remain as being the average closing price of the GLG common shares for the 10 trading days prior to January 31, 2008.

3. The third share purchase warrant issued to Cargill will be cancelled.

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