October 10, 2012 08:45 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2012) - Functional Technologies Corp. (TSX VENTURE:FEB)(OTCQX:FEBTF) (the "Company") reports that the second tranche of the non-brokered private placement announced in its news release of July 16, 2012 has closed, raising gross proceeds of approximately $1.9 million through the issuance of 9.6 million units at a price of $0.20 per unit. Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable at a price of $0.30 for a period of two years, subject to an accelerated exercise provision.
In connection with the second tranche closing, the Company paid cash fees totaling approximately $0.1 million and issued approximately 0.7 million 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.
A hold period expiring on February 9, 2013 applies to the securities issued in the second tranche of the private placement.
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization ("WHO") as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of foul-smelling hydrogen sulphide (H2S) and the WHO classified probable carcinogen, acrylamide - both by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. For more information, please visit our website at www.functionaltechcorp.com.
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Functional Technologies Corp.Geoff LeeVP, Business Developmentemail@example.com
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