Announcement
EXERCISE: BLT: EXERCISE OF OPTION BY EDINBURGH
01:39pm
BLT
29/03/2010
EXERCISE
REL: 1339 HRS BLIS Technologies Limited
EXERCISE: BLT: EXERCISE OF OPTION BY EDINBURGH
BLIS Technologies Limited (the 'Company') announces that Edinburgh Equity
Nominee Limited ('Edinburgh') has exercised an option to subscribe for
1,000,000 mandatory convertible cumulative preference shares ('Preference
Shares') resulting in the Company raising $1,000,000 of additional funds.
The option was granted to Edinburgh under the terms of its underwriting
agreement with the Company in respect of the Company's April 2009 rights
issue for Preference Shares.
The rights issue was well received by investors and the Company received
applications for 1,439,501 Preference Shares which, in conjunction with
Edinburgh's underwriting, raised $3,000,000 for the Company. Under the rights
issue, the Company's shareholders were offered 1 Preference Share for every
45 existing ordinary shares held at an issue price of $1.00 per Preference
Share on a fully renounceable basis.
The Preference Shares which are listed on NZSX will convert into ordinary
shares in the Company at the expiry of their 3 three year term on specified
conversion terms. Prior to conversion the Preference Shares pay a dividend of
10% per annum. The Preference Shares are currently trading at $2.30 per
share.
The new Preference Shares issued pursuant to the exercise of the Edinburgh
option will rank equally with the existing Preference Shares on issue when
the existing Preference Shares trade ex the entitlement to the May 2010
dividend.
Together with the $3,000,000 raised pursuant to the April 2009 rights issue
these funds will assist the Company's implementation of its strategy and in
particular the commercialisation of the Company's products in New Zealand and
in key markets internationally.
The Company can report good progress is being made with business development
in North America and in other market sectors consistent with its three year
commercialisation strategy and will report further information to
shareholders with the annual accounts
The Chairman, Dr Peter Fennessy, said that BLIS values the additional skills
and expertise that the Edinburgh involvement has brought to the company
through the involvement of Mr Tony Offen as a Board director. The capital
will also assist the company to further its international strategy as a
supplier of high quality probiotic ingredients.
For further information regarding the Company and its products please visit
the Company's website www.blis.co.nz or contact Dr Barry Richardson on the
contact details below.
Dr Barry Richardson, Chief Executive Officer T: +64 21 664 747 F: +64 3 479
8954 E: info@blis.co.nz
End CA:00193059 For:BLT Type:EXERCISE Time:2010-03-29:13:39:27
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