PORTLAND, OR, July 8 /CNW/ - Naturally Advanced Technologies Inc. ("NAT"
or the "Company")(OTCBB:NADVF), a developer of proprietary technologies for
the processing and production of environmentally sustainable natural fibers
and materials, is pleased to announce it has received final approval to list
its common shares on the TSX Venture Exchange (the "TSX-V"). The Company's
common shares will trade under the symbol "NAT" and will begin trading on the
TSX-V at the opening of business on Tuesday, July 8, 2008.
$2 Million Private Placement
In connection with the TSX-V listing, the Company closed a brokered and
non brokered private placement on July 3, 2008 for gross proceeds of just
under $1.98 million. Pursuant to the private placements, the Company issued a
total of 1,472,426 units at $1.35 per unit, representing just over 5% of the
Company's common shares outstanding. Each unit ("Unit") is comprised of one
common share (a "Share") and one half of one Share purchase warrant (a
"Warrant"). Each whole Warrant will entitle the holder to purchase one Share
at a price of $1.95 until July 3, 2010.
1,117,426 Units were placed through Canaccord Capital Corporation
("Canaccord") under the brokered portion of the deal, while 355,000 Units were
placed under the non-brokered portion. Net proceeds to the Company from this
private placement amount to $1,834,656.
In connection with the brokered private placement, the Company paid
Canaccord a cash commission, as well as granted 109,942 agent's options to
Canaccord, and 1,800 agent's options to Bolder Investment Partners Ltd. Each
agent's option is exercisable for a Unit at a price of $1.35, consisting of
one Share and one half of one Warrant. Each full Warrant entitles the agent
Warrant holder to purchase an additional Share at $1.35 until July 3, 2010.
All securities issued in connection with the private placements are
subject to a four month hold period in Canada. The funds from the private
placements will be used to fund CRAILAR(R) development, repay debt, and
general and administrative expenses.
"The TSX-V listing will provide NAT with access to additional Capital
markets that are receptive to high growth companies with unique technologies,"
said Ken Barker, CEO of Naturally Advanced Technologies Inc. "This significant
milestone will allow the Company to target its communications to a broader
investor audience, while creating greater liquidity levels for the Company's
shareholders. With the closing of the private placement, the Company continues
to be in an excellent position to commercialize our CRAILAR(R) technology."
Neither the TSX-V nor any regulatory authority accepts responsibility for
the adequacy or accuracy of this release.
All monies listed in this news release are in Canadian Dollars ($CAD).
ABOUT Naturally Advanced Technologies, Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the
potential of renewable and environmentally sustainable biomass resources from
hemp and other bast fibers. NAT, through its wholly owned subsidiary Crailar
Fiber Technologies Inc., is developing proprietary technologies for production
of bast fibers, cellulose pulp, and their resulting by-products, in
collaboration with Canada's National Research Council and the Alberta Research
Council. CRAILAR(R) technology offers cost-effective and environmentally
sustainable processing and production of natural, bast fibers such as hemp and
flax, resulting in increased performance characteristics for use in textile,
industrial, energy, medical and composite material applications. The Company
is also a provider of sustainable, environmentally friendly fibers and fabrics
through its apparel division HTnaturals. Founded in 1998 in response to the
growing demand for environmentally friendly, socially responsible clothing,
NAT adheres to a "triple bottom line" philosophy, respecting the human rights
of employees, the environmental impact of the Company's operations and fiscal
responsibility to its shareholders. www.naturallyadvanced.com
Forward Looking Statement Disclaimer
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts that address commencement of trading of NAT's
Shares on the TSX-V, technology, and activities of NAT are forward-looking
statements. Forward-looking statements or information are subject to a variety
of risks and uncertainties which could cause actual events or results to
differ from those reflected in the forward-looking statements or information,
including, without limitation, risks and uncertainties relating to: any market
interruptions that may delay commencement of trading of NAT's Shares on the
TSX-V, technological and operational challenges, needs for additional capital,
changes in consumer preferences, market acceptance and technological changes,
dependence on manufacturing and material supplies providers, international
operations, competition, regulatory restrictions, and the loss of key
employees. In addition, the Company's business and operations are subject to
the risks set forth in the Company's most recent Form 10-KSB, Form 10-QSB and
other SEC filings which are available through EDGAR at www.sec.gov. These are
among the primary risks we foresee at the present time. The Company assumes no
obligation to update the forward-looking statements.
For further information:
For further information: Investor Contact: Toby Reid, Investor
Relations, Naturally Advanced Technologies Inc., (604) 683-8582 x107,
firstname.lastname@example.org; Media Contact: Summer Facchini, Black Lab
Communications, (503) 830-5983, email@example.com