VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) - Functional Technologies Corp. (TSX VENTURE:FEB) reports that the non-brokered private placement announced in its news releases of December 3 and 8, 2010 has closed raising gross proceeds of approximately $4,000,000 by the issuance of 7,272,845 units. In connection with the offering, the company paid cash finder's fees totaling $310,862 and issued finder's warrants for the purchase of a total of 552,724 common shares of the company, with the finder's warrants having the same attributes as the share purchase warrants issued to the investors as part of their units.
A hold period applies to all of the securities issued in the private placement, expiring on April 15, 2011 as to 1,800,000 units and 144,000 finder's warrants, and on April 17, 2011 as to the remainder.
"We are pleased to have had an excellent representation of leading institutional investors in our sector participate in this round of investment," commented Howard Louie, CEO. "This financing should position the company well for the next stage of commercial roll-out of our core products."
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary technologies that enhance the natural properties of yeast and algae - nature's microscopic workhorses. Our scientists apply novel techniques to these micro-celled organisms to resolve significant health and quality problems, and generate new opportunities in the global food, beverage and healthcare industries. Our first commercial products are the Phyterra™ line of proprietary yeast strains, designed to reduce the formation of foul-smelling hydrogen sulphide and the carcinogen urethane in wines and other fermented products. With a head office in Vancouver, Functional Technologies Corp. has R&D facilities in Prince Edward Island and a U.S. sales office in Napa Valley California. For more information, please visit www.functionaltechcorp.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (As that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.