GLG Life Tech Corporation has said that it has appointed Clarus Securities in connection with a proposed private placement, on a fully marketed, best efforts basis, of 10,000,000 units of the Corporation at a price of $3.00 per Unit, for gross proceeds of $30 million.
In addition, the corporation will provide the Clarus with an option to purchase up to an additional 1,500,000 Units at a price of $3.00 per unit for a period of 30 days from the closing of the Offering.
The net proceeds of the Offering are intended to be used by the corporation for plant construction and expansion, retirement of convertible debt, working capital and general corporate purposes.
GLG Life Tech Corporation specializes in growing, refining, and producing high grade stevia, a natural, zero-calorie sweetener. Through its wholly owned subsidiary, Qingdao Runde Biotechnology Company, GLG has integrated its stevia operations and now controls over 80% of high quality stevia production in China.