CRAiLAR lands $3.5M for capital, operations
By Andy Giegerich
Digital Managing Editor
CRAiLAR's CFO Ted Sanders and his company will apply the $3.5 million to capital equipment and other general operational strategies.
A Portland-based maker of natural fiber goods is close to collecting a sizable amount of private financing.
CRAiLAR Technologies Inc. (OTCBB: CRLRFP) is in line to get $3.5 million through a “non-brokered private placement offering of 10 percent, subordinated convertible debentures.”
Those debentures are set to mature on July 26, 2016.
CRAiLAR plans to use those proceeds to for capital equipment and for “general corporate purposes.”
The company makes natural fiber with flax, hemp and other bast fibers. CRAiLAR’s products are used for textile, industrial, energy, medical and composite material applications.
The company joined the Sustainable Apparel Coalition, which includes Nike Inc., in May.
CRAiLAR’s stock trades a little bit north of the $1 mark.
In its most recent quarterly report, CRAiLAR’s execs, including CFO Ted Sanders, acknowledged that the company needed to raise capital.
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