CANADA: Clearly Canadian Announces Private Placement and Appointment of New Director
Clearly Canadian Beverage Corporation (NASDAQ:CCBC) (TSE:CLV.) today announced that it is proposing to complete a private placement of 800,000 units at a price of Cdn$0.88 per unit, generating gross proceeds of Cdn$704,000. Each unit will be comprised of one common share of the Company and one common share purchase warrant, with each warrant entitling its holder to purchase one additional common shares of the Company at a price of Cdn$1.10 for a period of five years. Directors and officers of the Company will subscribe for 300,000 of the units. A finder's fee in the amount of Cdn$9,900 will be paid to Pacific International Securities Inc., representing 7.5% of the proceeds from arm's length subscriptions for an aggregate of 150,000 units. The proceeds from the private placement will be used to fund the Company's working capital requirements.
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