On February 23, 2011, GLG Life Tech Corporation announced the closing of its previously announced public offering of 5,290,000 units (inclusive of 690,000 units issued pursuant to the exercise in full of the over-allotment option), on a bought deal basis, for total gross proceeds of $58,190,000. The offering was conducted through a syndicate of underwriters.
GLG Life Tech plans to use the net proceeds from the offering to advance its ANOC™ joint venture, including marketing and administration, for working capital and other general corporate purposes.
GLG Life Tech was advised in this transaction by Georald Ingborg, Steve Saville and Samuel Li of Fasken Martineau.