PHOENIX, April 25 /PRNewswire-FirstCall/ -- NutraCea (OTC Bulletin Board: NTRZ), a world leader in stabilized rice bran (SRB), nutrient research and technology, today announced that it has entered into definitive agreements to sell securities to selected institutional investors for aggregate gross proceeds of $20,000,000. The offering is made pursuant to the Form S-3 shelf registration statement that was filed by NutraCea with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC on April 8, 2008. The offering is expected to close on or about April 30, 2008, subject to the satisfaction of customary closing conditions. NutraCea intends to use the net proceeds from the offering for general corporate purposes, for working capital and operational purposes and future acquisitions and strategic investment opportunities.
The securities in the offering include up to 22,222,223 shares of NutraCea common stock and warrants to purchase up to 6,666,666 shares of NutraCea common stock, which securities are being offered in "units" at a price of $.90 per unit. Each unit consists of one share of NutraCea common stock and a 5 year warrant to purchase 0.3 of a share of NutraCea common stock at an exercise price of $1.20 per share for each share of common stock that the investor purchases in the offering.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful. Any offer will be m
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