SCOTTSDALE, Ariz., June 26, 2014 /PRNewswire/ --RiceBran Technologies (NASDAQ: RIBT) (the "Company") today announced that it has completed a public offering of 1,417,500 shares of Common Stock at a price per share of $5.29, together with Warrants to purchase 708,750 shares of its Common Stock at $0.01 per share ("Warrants") for gross proceeds to the company of approximately $7.5 million. The Company's Securities are listed on the NASDAQ Capital Market under the symbols "RIBT".
RBT intends to use the net proceeds from the offering for working capital needs in its USA and Brazil segments, to pay off high cost debt contracted previously and for general corporate purposes.
Maxim Group LLC acted as the Sole Book Running Manager for the offering.
A registration statement relating to the Common Stock and Warrants was declared effective by the Securities and Exchange Commission on June 17, 2014. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This offering was made by means of prospectus, copies of which may be obtained from Maxim Group LLC at 405 Lexington Ave, New York, New York 10174, (800)-724-0761.
About RiceBran Technologies
RiceBran Technologies is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran Technologies has proprietary and patented intellectual property that allows us to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious human food ingredient and animal nutrition products. Our target markets are human food ingredients and animal nutrition manufacturers and retailers, as well as natural food, functional food and nutraceutical supplement manufacturers and retailers, both domestically and internationally. More information can be found in our filings with the SEC and by visiting our website at www.ricebrantech.com.
Forward-Looking Statements
This press release contains forward looking statements within the meaning of federal securities laws. These forward-looking statements include statements regarding RiceBran Technologies' expectations for the amount raised and the closing of the proposed public offering. These statements involve known and unknown risks, which include uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering, as well as risks inherent in RiceBran Technologies' business, including those described the Company's periodic filings with the Securities and Exchange Commission. Although RiceBran Technologies may from time to time voluntarily update its forward looking statements, it disclaims any commitment to do so except as required by securities laws.
Investor Contact
Ascendant Partners, LLC
Fred Sommer
+1-732-410-9810
fred@ascendantpartnersllc.com
SOURCE RiceBran Technologies
