Naturally Advanced closes $2 million private placement

Naturally Advanced closed on a private placement of just over $2 million.

Naturally Advanced closed on a private placement of just over $2 million. 

Naturally Advanced Technologies Inc. announced this week that it closed the final tranche of a private placement, selling just over 1 million shares and warrants for a total of $2,359,780.

The money will be used by the natural fibers company, which is based in Portland and British Columbia, to finish its $8 million production facility in Pamplico, South Carolina.

Naturally Advanced makes flax-based fibers and last year hired an adviser in Oregon to help source flax from Willamette Valley farmers.

In July, the company won a labeling victory when the Federal Trade Commission said Naturally Advanced could label products made with its fiber as "flax" rather than "linen."

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