• Most Popular
  • Most Shared

UPDATE 1-GLG Life Tech to offer 3.6 mln shares for US IPO

Fri Nov 6, 2009 8:00am EST

Stocks

   

* To use proceeds for expansion of stevia facilities

Stocks  |  Global Markets  |  Non-Cyclical Consumer Goods

* Says gets conditional approval from Nasdaq for listing

Nov 6 (Reuters) - Canada's GLG Life Tech Corp (GLG.TO) said it filed for an IPO in the United States offering 3.6 million common shares.

GLG, which supplies zero-calorie sweetener stevia, said it expects to use net proceeds from the offering primarily for expansion of its stevia processing facilities.

The proceeds will also be used for debt repayment, working capital requirements and other general corporate purposes.

The offering will be conducted through a syndicate of underwriters, led by Canaccord Adams and GMP Securities L.P., the company said in a statement.

Vancouver, British Columbia-based GLG said it has got the conditional approval to list its common shares on the Nasdaq Global Market under the symbol "GLGL."

In connection with the IPO, the company also effected a four-to-one (4:1) share consolidation of its common shares and the common shares are expected to start trading on a post consolidated basis on Nov. 10.

Shares of GLG closed at C$2.34 Thursday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel)



More from Reuters

Afghan insurgents kill CIA agents, Canadians

KABUL (Reuters) - Insurgents intensified their campaign against military targets and U.S.-led forces in Afghanistan, killing eight U.S. CIA agents at a base and four Canadian servicemen on patrol and a journalist accompanying them.

A security camera sits on a building in New York City March 6, 2008. REUTERS/Joshua Lott

Trial run in Times Square

Critics say the Sept. 11 trials will endanger America's most populated city. Will a New Year's Eve plan hold up as New York's security template?  Full Article 

People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article