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GLG Life Tech completes US$27.5 million equity offering

Fasken
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Overview

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GLG Life Tech Corporation

On November 25, 2009, GLG Life Tech Corporation (TSX:GLG)(NASDAQ:GLGL) announced that it had completed its previously announced equity offering, having issued and sold 3,625,000 common shares for aggregate gross proceeds of approximately US$27.5 million and net proceeds to GLG of approximately US$25.8 million, before deducting the expenses of the offering. The underwriters of the offering have been granted an over-allotment option to purchase up to an additional 543,750 common shares.GLG expects to use the net proceeds from the offering primarily for registered capital payments for the company's Runhao subsidiary, debt repayment, working capital requirements and/or for other general corporate purposes. GLG is a global leader in the supply of high purity stevia, an all natural, zero-calorie sweetener used in food and beverages. GLG was advised in this transaction by a team from Fasken Martineau that included, among others, Georald Ingborg, Steve Saville and Caroline Clapham.

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