AlphaNorth Asset Management

December 17, 2010 15:45 ET

AlphaNorth Asset Management: News Release

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2010) - AlphaNorth Asset Management ("AlphaNorth") announces it has acquired 1,365,000 units (the "Units") of Functional Technologies Corp. ("Functional") at a price of $0.55 per Unit through a private placement on December 16, 2010. Each Unit consists of one common share (a "Share") and one-half of a share purchase warrants (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional Share for a period of 24 months at an exercise price of $0.70 per Share. Immediately after the acquisition, AlphaNorth beneficially owns or controls 3,359,500 common shares and 2,682,500 warrants of Functional, collectively representing 16.7% of the issued and outstanding shares of Functional, assuming the exercise of all warrants held by AlphaNorth. AlphaNorth relied on the "accredited investor" exemption from the prospectus requirement in connection with the acquisition, contained in section 2.3 of National Instrument 45-106 – Prospectus and Registration Exemptions.

The common shares of Functional are listed on the TSX Venture Exchange and trades under the trading symbol "FEB". AlphaNorth acquired the securities for investment purposes. Depending on market conditions, AlphaNorth may in the future increase or decrease its investment in AgriMarine. 

An Early Warning Report respecting this acquisition has been filed on the System for Electronic Document Analysis and Review ("SEDAR") under Functional's profile and can be viewed at .

ALPHANORTH ASSET MANAGEMENT

Steven Palmer, CEO

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 news release.

Contact Information

  • AlphaNorth Asset Management
    Steven Palmer
    CEO
    (416) 483-4448