Rice bran researcher and marketer NutraCea has entered into definitive agreements with institutional and accredited investors with respect to a private placement of 20,000,000 shares of common stock at a purchase price of US$2.50 per share, for gross proceeds of $50m.
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Investors also will receive warrants to purchase 10,000,000 shares of common stock at an exercise price of $3.25 per share expiring in five years. Rodman & Renshaw LLC served as exclusive placement agent for the transaction, it said.
NutraCea CEO and president Brad Edson said: “This financing will strengthen NutraCea’s ability to expand its proprietary stabilisation plants both domestically and in the international markets, allowing us to bring our technology into regions of the world where large scale rice production can provide the raw materials to manufacture our core products.
“This opportunity for rapid growth positions us to make stabilised rice bran and rice bran derivatives accessible to global communities as a food ingredient, an economical solution for the reduction of malnutrition and for nutraceutical products that address a variety of health issues.”
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