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SunOpta Announces Closing of SunOpta BioProcess Financing
SunOpta Announces Closing of SunOpta BioProcess Financing.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, June 11 /CNW/ - SunOpta Inc. (NASDAQ:STKL) (TSX:SOY) today\nannounced that it has closed the previously announced private placement for a\nminority position in SunOpta BioProcess Inc., formerly the SunOpta BioProcess\nGroup. In aggregate, SunOpta raised US$30 million before related placement\ncosts through the issuance of non-dividend bearing, convertible preferred\nshares of SunOpta BioProcess Inc. A leading group of global institutional\ninvestors subscribed for the shares. Cannacord Adams acted as lead placement\nagent with National Bank Financial as co-placement agent.\n\n\nThe financing was completed at a pre-money valuation of US$200 million.\nAs a result, SunOpta and the management of the former SunOpta BioProcess Group\nhave retained approximately 87% of SunOpta BioProcess Inc.\n\n\nThe preferred shares issued entitle holders to one vote per share, are\nnon-dividend bearing, redeemable in specified circumstances and convertible to\nacquire common shares of SunOpta BioProcess Inc. on a one for one basis\n(subject to customary anti-dilution adjustments). Investors in the private\nplacement have been issued warrants to purchase 648,300 common shares of\nSunOpta Inc. at any time for a period of six months following closing, at an\nexercise price of US$11.57 per share.\n\n\nMurray Burke, President of SunOpta BioProcess Inc. commented, "This\nfinancing represents a strong endorsement of our technology and leadership\nposition in cellulosic ethanol. Proceeds will be used to continue development\nof our leading edge and patented biomass conversion technologies and\naccelerate efforts to build and operate the world's first commercial scale\nfacility for the conversion of cellulosic biomass to ethanol."\n\n\nSteve Bromley, President and Chief Executive Officer of SunOpta Inc.\ncommented, "We are extremely pleased to have completed this financing and are\nconfident that this positions SunOpta BioProcess Inc. for an exceptionally\nexciting and prosperous future. SunOpta has been involved in specialized\ncellulosic biomass solutions for over thirty years, and this represents yet\nanother exciting step in the development of our company."\n\n\nThe securities to be sold in the financing will not be registered under\nthe United States Securities Act of 1933 or any State securities laws and will\nnot b...