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news.Ranaz, a manufacturer and marketer of protein and dietary supplements, has announced the closing of a $1.8 million private placement by institutional funds.
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Ranaz has issued three million units at $0.60 per unit. Each unit comprises one share and half a warrant, with each whole warrant entitling its holder to purchase one share at $0.75 for a 24-month period.
Jean Bourassa-Marineau, president and founder of Ranaz, said: “This financing will allow us to both pursue our expansion plan and broaden our base of institutional investors, who now represent about 20% of our shareholders.
“The funds from the financing will primarily be used to increase the nutritional bar production capacity at BarTech (US). We expect the expansion to take place in the fourth quarter, leading to lower costs for all Protidiet and ProtiLife brand nutritional bars as of the first quarter of 2009.”