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

Fri Nov 6, 2009 8:00am EST
 
[-] Text [+]

* To use proceeds for expansion of stevia facilities

* 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)

 

Featured Broker sponsored link

Interview:

A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. REUTERS/Eric Thayer
Taking aim at Wall St

Ohio's top lawyer is knee-deep in litigation against major financial giants. Calling it a "badge of honor" to hold Wall Street accountable for its actions. Richard Cordray is looking for a fight.  Full Article | Full Coverage