MONTREAL, Sept. 1 /CNW Telbec/ - Ranaz Corporation ("Ranaz") (TSXV: RNZ),
a company specializing in manufacturing and marketing of protein and dietary
supplements, announces the closing of the (unbrokered) private placement
announced on August 28, 2009, of 10,384,614 units at a price of $0.065 per
unit for proceeds of $675 000. Each unit consists of one common share of Ranaz
and one share purchase warrant at an exercise price of $0.10, expiring five
years from its date of issuance. A maximum of 10,384,614 additional common
shares of Ranaz may be issued under this private placement (assuming the
exercise of all warrants).
Securities issued under this private placement are subject to four-month
hold period, ending on January 1, 2010. An insider of Ranaz, Fiducie Vanquish,
subscribed approximately 70% of the private placement.
This private placement was exempt from the valuation and minority
shareholder approval under sections 5.5(a) and 5.7(a) of Regulation 61-101
respecting Protection of Minority Security Holders in Special Transactions,
insofar the total consideration paid under the private placement represents
less than 25% of the market capitalization of Ranaz.
The objective of this private placement was to improve the liquidity
condition of Ranaz. It was approved unanimously by the directors of Ranaz
(including independent directors).
About Ranaz Corporation
Ranaz is a corporation specializing in the manufacture and sale of
protein and dietary supplements. Its mission is to create, develop and sell
nutritional, protein and dietary supplements under its own corporate brands,
such as "Protidiet" and "Protilife", as well as under private brands.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Jean Bourassa-Marineau, President and Chief
Executive Officer, (514) 666-8010