Soft drink group Clearly Canadian will be suspended from the Toronto Stock Exchange next month because it no longer meets minimal listing requirements.

The company has seen lacklustre financial performances drive its stock below the TSX's minimum listing threshold of a C$3m market cap.

The TSX said the one-year suspension will start Feb. 16. If the company meets trading requirements during the year, it can trade again; otherwise it will be delisted.

In a report in the Globe & Mail, Douglas Mason, president and chief executive officer of Clearly Canadian, said the company, which remains listed in the US on the OTC Bulletin Board, will apply to be listed in Canada on the TSX Venture Exchange.

Meanwhile, the comany has issued an additional 465,000 shares in its private placement at a price of Cdn$0.25 per share, generating additional proceeds of Cdn$116,250.

The private placement was originally announced by news release dated December 9, 2004 and at that time the company indicated a placement of up to 1,500,000 shares.

Of the 1,500,000 shares, 1,035,000 shares were subsequently issued to directors, officers and employees of the company, which was the maximum number of shares that such non-arms-length parties were permitted to acquire under applicable Toronto Stock Exchange rules and policies.

Since the announcement of the completion of the 1,035,000 shares, the company said it received additional subscriptions for the remaining 465,000 shares from certain arms length parties.

As a result, the company has completed and issued all of the 1,500,000 shares allotted under the private placement.

The proceeds from the private placement were used to fund the company's current inventory production requirements. The private placement shares are subject to a required four-month hold period and no discounts or warrants were offered or issued in connection with the private placement.