TORONTO, ONTARIO--Stake Technology Ltd. (Stake) (Nasdaq:STKL) (TSX:SOY)announces that it has closed its previously announced offering of 7,000,000 common shares in the United States and in certain provinces of Canada. The price of the offering is US $7.00 per common share or US $49 million.
The net proceeds from the offering will be used for general purposes, including acquisitions, internal expansion projects and working capital requirements and to reduce outstanding indebtedness.
Stake Technology Ltd., soon to be SunOpta Inc., is an owner/operator of high-growth ethical businesses in the natural and organic food markets. The company has three business units: the Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Environmental Industrial Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the Steam Explosion Technology Group which engineers and markets clean pulping systems using patented steam explosion technology.