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news.Canada-based dietary supplements producer Ranaz has closed the acquisition of Bar Tech Manufacturing, a manufacturer of nutritional bars.
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Ranaz has acquired all outstanding shares of Bar Tech, which were held by four shareholders, in exchange for 738,673 common shares and 369,337 warrants. Each Warrant entitles its holder to purchase one common share at a price of $1.30 during a 24-month period following its issuance.
Ranaz has also granted 175,000 stock options under its stock option plan to Joseph Bachmore, Bar Tech’s CEO. The options have an exercise price of $1.30, which represents the closing price of Ranaz’s common shares on January 10, 2008.