Stake Raises $50 Million in Equity

Stake Raises $50 Million in Equity

TORONTOStake Technology Ltd.(NASDAQ:STKL), soon to be SunOpta Inc., closed its previously announced privateplacement of 7 million shares at $7 per share for total gross proceeds of $49million. The offering was managed by a syndicate of underwriters led byDesjardins Securities Inc., BMO Nesbitt Burns Inc. and TD Securities Inc. Thecompany granted to the underwriters an over-allotment to purchase, at any timeon or before Sept. 27, up to an additional 500,000 common shares for additionalproceeds of up to $3.5 million.

The company also closed on a previously announced privateplacement of approximately 286,000 common shares with SRB Belvedere Trust. Theplacement was completed at $7 per common share for a total of $2 million.

All net proceeds will be used primarily for general corporatepurposes, including future acquisitions, internal expansion projects and workingcapital requirements and to reduce outstanding indebtedness.