GLG Life Tech Corporation

GLG Life Tech Corporation

December 11, 2007 12:27 ET

GLG Life Tech Corporation Closes $34.5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2007) -


GLG Life Tech Corporation (TSX:GLG) (the "Corporation") announced today that it has closed its previously announced private placement of 10,000,000 units (the "Units") of the Corporation at a price of $3.00 per Unit, for gross proceeds of $30,000,000 (the "Offering"). Clarus Securities Inc. ("Clarus") acted as lead agent in connection with the Offering. Clarus also exercised in full the option, which was granted in connection with the Offering, to solicit offers to purchase an additional 1,500,000 Units. As a result, the Corporation issued an additional 1,500,000 Units at a price of $3.00 per Unit for additional gross proceeds of $4,500,000, bringing the total aggregate gross proceeds of the Offering to $34,500,000.

Each Unit consists of one (1) common share in the capital of the Corporation (a "Common Share") and one-half (1/2) of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one (1) Common Share of the Corporation at an exercise price of $4.50 per Common Share for a period of eighteen (18) months from the closing of the Offering.

Clarus received a cash commission equal to six (6) percent of the gross proceeds of the Offering. Clarus was also granted a number of compensation options equal to six (6) percent of the total number of Units sold pursuant to the Offering. Each compensation option entitles the holder thereof to acquire one Unit at an exercise price of $3.00 per Unit on the same terms and conditions of the Offering, for a period of eighteen (18) months from the closing of the Offering.

The securities issued pursuant to the Offering will be subject to a four (4) month hold period in Canada from the date of the closing of the Offering.

The net proceeds of the Offering will be used by the Corporation for plant construction and expansion, retirement of convertible debt, working capital and general corporate purposes.

"This financing marks an important step in the evolution of GLG", said Brian Meadows, Chief Financial Officer. "The net proceeds will allow us to implement plans to expand our high grade stevia production capacity and meet our customers' growing demand."

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About GLG Life Tech Corporation

GLG Life Tech Corporation specializes in growing, refining, and producing high grade stevia, a natural, zero-calorie sweetener. With integrated stevia operations, GLG now controls over 80% of the 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

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.

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