MONTREAL, Sept. 17 /CNW Telbec/ - Ranaz Corporation ("Ranaz")
(TSX-V: RNZ), a company specialized in the manufacturing and marketing of
protein and dietary supplements, is pleased to announce the closing of a
$1.8 million private placement by institutional funds.
Ranaz has issued 3,000,000 units at $0.60 per unit. Each unit comprises
one share and half a warrant, with each whole warrant entitling its holder to
purchase one share at $0.75 for a 24-month period.
"This financing will allow us to both pursue our expansion plan and
broaden our base of institutional investors, who now represent about 20% of
our shareholders," said Jean Bourassa-Marineau, President and Founder of
Ranaz. "The funds from the financing will primarily be used to increase the
nutritional bar production capacity at BarTech (USA). We expect the expansion
to take place in the fourth quarter, leading to lower costs for all Protidiet
and ProtiLife brand nutritional bars as of the first quarter of 2009."
The financing is subject to the approval of the TSX Venture Exchange.
The common shares issued pursuant to the placement are eligible for the
SME Growth Stock Plan. Industrial Alliance Securities Inc. (IAS) acted as the
agent for the private placement, and was paid a fee of $144,000 or 8% of the
gross proceeds of the private placement. As an additional fee, Ranaz issued
300,000 non-transferable broker warrants to IAS (each a "broker warrant")
representing 10% of the number of units sold. Each broker warrant entitles IAS
to purchase one unit at $0.75 for a period of 18 months.
The common shares and warrants issued pursuant to the private placement
are subject to a four-month hold period ending on January 17, 2009, in
accordance with the applicable securities legislation and the policies of the
TSX Venture Exchange.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, and does not constitute an offer,
solicitation or sale in a territory where such offer would be unlawful.
About Ranaz Corporation
Ranaz is a corporation specializing in the manufacture and marketing of
protein and dietary supplements. Its mission is to design, develop and market
nutritional, protein and dietary supplements under its own corporate brands
and concepts, such as Protidiet and ProtiLife, as well as under private
labels. For more information about the Company, please visit our website at
Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Ranaz's control.
Such risks include but are not limited to: the impact of general economic
conditions, changes in the regulatory environment in the jurisdictions in
which Ranaz does business, stock markets volatility, fluctuations in costs,
and changes to the competitive environment due to consolidation, as well as
other risks disclosed in public filings of Ranaz. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. The reader should not place undue reliance, if
any, on the forward-looking statements included in this news release. These
statements speak only as of the date made and Ranaz is under no obligation and
disavows any intention to update or revise such statements as a result of any
event, circumstances or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Martin Vidal, Executive Vice President and
Chief Financial Officer, Ranaz Corporation, (450) 491-7106, Ext. 213,
firstname.lastname@example.org; François Kalos, President, SOLAK Communications,
(450) 993-0828, email@example.com