MONTREAL, Oct. 5 /CNW Telbec/ - Ranaz Corporation ("Ranaz") (TSXV: RNZ), a company specializing in the manufacturing and marketing of protein and dietary supplements, announces the closing of an unbrokered private placement of 1,750,000 units at a price of $0.065 per unit for gross proceeds of $113,750. 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 1,750,000 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 February 6, 2010. Two insiders of Ranaz subscribed for approximately 20% of the private placement.
This private placement meant to further the efforts of Ranaz to make its operational structure more efficient and effective. These measures will allow Ranaz to reduce its costs and maximize its workforce, while enhancing its ability to increase its market penetration and short-term profitability. "I am very proud of the confidence of our investors in Ranaz. This significant support will allow us to better meet our customers' needs and provide them a wider range of products in order to strengthen their loyalty." said Jean Bourassa-Marineau, President and CEO of Ranaz.
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.
SOURCE Ranaz Corporation
For further information: For further information: Jean Bourassa-Marineau, President and Chief Executive Officer, (514) 666-8010