VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2012) - Functional Technologies Corp. (TSX VENTURE:FEB)(OTCQX:FEBTF) (the "Company") reports that it has raised gross proceeds of $445,000 in an initial closing of the non-brokered private placement announced in its news release of July 16, 2012. The funds were raised through the issuance of 2,225,000 units at a price of $0.20 per unit. Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable at a price of $0.30 for a period of two years, subject to an accelerated exercise provision.
The Company has paid cash fees totaling $26,000 and issued 130,000 share purchase warrants to finders in connection with the first tranche closing. The finders' warrants have the same terms as the share purchase warrants issued to the investors except that the finders' warrants are non-transferable.
The securities issued in the first tranche of the private placement are subject to a hold period expiring December 8, 2012.
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogens acrylamide and ethyl carbamate (more commonly known as urethane), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. For more information, please visit our website at www.functionaltechcorp.com.
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