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Hibernia Foods, the Dublin-based manufacturer of branded and private-label cakes, ready-meals and frozen desserts, has completed an equity private placement in which 2,135,110 Ordinary Shares with an issuance price of US$4.5 had been placed with a limited number of accredited investors.

The company anticipates that an additional 222,222 Ordinary Shares will be issued to several other accredited investors in the current month on the same terms.

The terms of the private placement include provisions whereby the company will file a Registration Statement with the Securities and Exchange Commission (SEC) not later than 30 September 2002, covering the subsequent resale of the Ordinary Shares by the investors.

The total gross proceeds to Hibernia are expected to amount to US$10.6m, and the company said that the net proceeds will be used for working capital purposes.