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SunOpta Updates Status of SunOpta BioProcess Financing
SunOpta Updates Status of SunOpta BioProcess Financing.
About this update from Sunopta Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, May 25 /CNW/ - SunOpta Inc. (NASDAQ:STKL) (TSX:SOY) today\nannounced that it anticipates closing its previously announced private\nplacement for a minority position in its SunOpta BioProcess Group within the\nnext two weeks. In aggregate, SunOpta expects to raise approximately US$30\nmillion through the issuance of non-dividend bearing, convertible preferred\nshares of SunOpta BioProcess Inc. at a pre-money valuation of approximately\nUS$200 million. Depending on the exact size of the private placement, SunOpta\nand management of SunOpta BioProcess Inc. is expected to retain approximately\n85% of SunOpta BioProcess Inc. The preferred shares would entitle holders to\none vote per share, would be redeemable in specified circumstances, would be\nconvertible to acquire common shares of SunOpta Bioprocess Inc. on a one for\none basis (subject to customary anti-dilution adjustments) and would not bear\ndividends. Subject to regulatory approval, investors in the private placement\nwould also receive warrants to purchase approximately 648,000 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, being the volume weighted average\nclosing price of the SunOpta common shares on the Toronto Stock Exchange over\nthe five trading days immediately prior to this announcement.\n\n\nThe proceeds of the financing will be used to invest in cellulosic\nethanol production and to continue development of expanded process\napplications utilizing the Group's technology and expertise in providing\nintegrated bioprocess solutions.\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 be offered or sold in the United States absent registration or an\napplicable exemption from the registration requirements thereunder.\n\n\nForward-Looking Statements\n\n\nCertain statements included in this press release may constitute\n"forward-looking statements" within the meaning of the United States Private\nSecurities Litigation Reform Act of 1995. These forward-looking statements\ninclude, but are not limited to references to the expected terms of the\nproposed private placement and business strategies, competitive strengths,\ngoals, capital expenditure plans...