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CANADA: Clearly Canadian ro raise C$9m in issue

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British Columbia-based beverage company Clearly Canadian Beverage Corporation has said it has hired Dundee Securities Corporation to act as a selling agent for an equity offering to raise between C$8m and C$9mth. Dundee will also look to arrange a secured bridge loan of not less than C$2m.

Dundee Securities will be paid a cash commission of 7.0% of the gross proceeds raised in connection with the offering and will receive broker warrants entitling it to purchase common shares of the Company in an amount equal to 7.0% of the number of units sold. Such broker warrants will be exercisable at a price per share to be determined in accordance with the rules of the Toronto Stock Exchange. A portion of the net proceeds of the offering will be used to repay a bridge loan to be arranged by Dundee Securities. The remaining net proceeds of the offering will be used primarily for general working capital to fund the production, marketing and distribution of the Company's beverage products.

Dundee Securities will receive a 7.0% cash fee for arranging the loan and will receive 250,000 broker warrants, each of which will entitle Dundee Securities to purchase one common share of Clearly Canadian.

The company said the net proceeds of the bridge loan will be used for general working capital.

Each financing remains subject to regulatory approval.

"We are pleased to have engaged a prestigious national firm such as Dundee Securities to lead our public financing. Completion of this public financing will assist Clearly Canadian in continuing with its business plan, including national consumer sweepstakes, strong tactical regional sales programs designed to drive sales, supported by a substantially improved distribution system in North America," said Douglas L. Mason, president and CEO of Clearly Canadian Beverage Corporation.


Sectors: Soft drinks

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