Hydra Ventures B.V. acquires position in CRAiLAR Technologies Inc. pursuant to a CAD$2.0 Million Private Placement
For dissemination in Canada and over Canadian news services only
TORONTO, Dec. 24, 2013 /CNW/ - Hydra Ventures B.V. (the "Offeror") announces that on December 20, 2013 it acquired a total of 3,333,333 units of CRAiLAR Technologies Inc. (the "Issuer") at a price of CAD$0.60 per unit for an aggregate purchase price of CAD$2.0 million on a private placement basis pursuant to the terms of a subscription agreement entered into on December 18, 2013 (the "Private Placement").
Each unit is comprised of one common share (the "Common Shares") and one common share purchase warrant (the "Warrants") of the Issuer with each Warrant being exercisable for a period of five years from closing at an exercise price of CAD$0.70 per Warrant Common Share.
As a result of this subscription the Offeror owns 3,333,333 Common Shares, representing approximately 6.9% of the total outstanding Common Shares of the Issuer (after giving effect to the Private Placement) and 3,333,333 Warrants exercisable for an aggregate of 3,333,333 Common Shares. Accordingly, on an aggregate basis, assuming the exercise of the Warrants currently held, the Common Shares then held by the Offeror would represent approximately 13.0% of the total outstanding Common Shares of the Issuer, on a partially-diluted basis.
The Issuer's securities were acquired for investment purposes. The Offeror may, from time to time, acquire additional securities of the Issuer and/or dispose of such securities as they may deem appropriate.
This news release has been disseminated in accordance with the early warning requirements of Canadian provincial securities laws.
Launched in 2011, the Offeror is the corporate venture arm of adidas AG, and is dedicated to exploiting new market opportunities by creating and developing new consumer brands and trends in the apparel, footwear and sports-related areas. In addition special consideration is given to companies with sustainable or socially responsible attributes. For more information, see www.hydra-ventures.com.
The dissemination of this release in the United States or to any United States news service may constitute a violation of U.S. securities laws.
SOURCE Hydra Ventures B.V.For further information:
Uwe Reiner, M&A/Corporate Ventures, adidas AG, phone: +49.9132.84.75539, e-mail: email@example.com.