RiceBran Tech Announces Pricing Of $9.00 Mln Underwritten Public Offering

(RTTNews) - RiceBran Technologies (RIBT) announced the pricing of a $9.00 million underwritten public offering consisting of 1.71 million shares of common stock at a price per share of $5.24, together with warrants to purchase 1.71 million shares of its Common Stock at a price per warrant of $0.01.

The Warrants may be exercised for a period of five years at an exercise price of $6.55 per underlying share.

The company has also granted to the underwriters a 45-day option to acquire up to 257,143 additional shares of Common Stock and/or up to 257,143 additional Warrants to purchase Common Stock.

After the underwriting discount and estimated offering expenses payable by the Company, the company expects to receive net proceeds of about $7.7 million, assuming no exercise of the over-allotment option.

The offering is expected to close on December 18, 2013. "Shares of our Common Stock and our Warrants will begin trading today under the symbols "RIBT" and "RIBTW", respectively, on the Nasdaq Capital Market," the company said.

Maxim Group LLC is acting as the Sole Book Running Manager and Chardan Capital Markets, LLC and Dawson James Securities, Inc. are acting as Co-Managers in the offering.

The company noted that it plans to use the net proceeds from the offering to complete its recently announced acquisition of H&N Distribution, Inc., to fund expansion of its plant operations in Brazil, to upgrade U.S. plants and for general working capital purposes.

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.