good natured Products raises $938,000

In Vancouver, good natured Products Inc., a manufacturer of biobased plastic extrusion and plant-based products, has closed its previously announced non-brokered private placement offering worth just under $1 million.

The company issued a total of 15,639,998 units at $0.06 per unit for a total raise of $938,000. Each unit consisted of one common share in the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $0.08 for a period of thirty months from the closing of the First Tranche.

Net proceeds will be used to fund working capital and expenses associated with cost reduction activities. The company is tightening its belt due to weather-related disruptions and “ongoing evidence of changes in consumer purchasing patterns due to higher food prices.”