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
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.