Stake Technology Announces Closing of US $49 Million Equity Issue
TORONTO--Aug. 28, 2003--Stake Technology Ltd.
(Stake) (Nasdaq:STKL) (TSX:SOY) is pleased to announce today that it
has closed its previously announced offering of 7,000,000 common
shares in the United States and in certain provinces of Canada at a
price of US $7.00 per common share for total gross proceeds of US $49
million (or approximately Cdn. $67.6 million). The offering was
managed by a syndicate of underwriters led by Desjardins Securities
Inc., BMO Nesbitt Burns Inc. and TD Securities Inc. and including
Octagon Capital Corporation, Loewen, Ondaatje, McCutcheon Limited and
Miller Johnson, Steichen, Kinard, Inc. The Company has also granted to
the underwriters an over-allotment option to purchase, at any time on
or before September 27, 2003, up to an additional 500,000 common
shares for additional aggregate gross proceeds of up to US $3.5
million. If the over-allotment option were fully exercised, the total
aggregate gross proceeds to the Company would increase to US $52.5
million (or approximately Cdn. $72.5 million).
The net proceeds from the offering will be used primarily for
general corporate purposes, including future acquisitions, internal
expansion projects and working capital requirements and to reduce
outstanding indebtedness.
This news release does not constitute an offer to sell or the
solicitation of any offer to buy, nor will there be any sale of these
securities in any state, province 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, province or
jurisdiction. The offering is being made in certain provinces of
Canada only by means of a short form prospectus and in the United
States only by means of a shelf registration statement and a related
prospectus supplement, copies of which may be obtained from Desjardins
Securities Inc., BMO Nesbitt Burns Inc. or TD Securities Inc.
Stake Technology Ltd., soon to be SunOpta Inc., is an
owner/operator of high-growth ethical businesses, focusing on
integrated business models in the natural and organic food markets.
For the last five consecutive years, Stake was included in Profit
magazine's 'Profit 100' list of the 100 fastest growing companies in
Canada. 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. Each of
these business units has proprietary products and services that give
it a solid competitive advantage in its sector.
For further information, please contact:
Stake Technology Ltd.
Jeremy N. Kendall, Chairman & C.E.O.
Steve Bromley, Executive Vice President & CFO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
info@staketech.com
Investor Relations Counsel
The Equity Group Inc.
Linda Latman 212-836-9609
www.theequitygroup.com
Websites: www.staketech.com or www.sunopta.com www.sunrich.com
www.bei.ca www.steamexplosion.com www.sunrichvalley.com
www.organickitchen.ca www.wildwestorganicharvest.com
www.kettlevalley.net www.opta-food.com
Note: This news release may contain forward-looking information.
Actual future results may differ materially. The risks, uncertainties,
and other factors that could influence actual results are described in
the Company's annual report to shareholders and in SEC reports.
CONTACT: Stake Technology Ltd.
Jeremy N. Kendall, Steve Bromley or Susan Wiekenkamp,
905-455-2528, ext 103
info@staketech.com
or
Investor Relations Counsel
The Equity Group Inc.
Linda Latman, 212-836-9609
www.theequitygroup.com
SOURCE: Stake Technology Ltd.