Canadian GLG Life Tech plans IPO in the US

AP News
Posted: Nov 06, 2009 2:37 PM

Canadian sweetener supplier GLG Life Tech Corp. plans to offer 3.6 million common shares in a U.S. initial public offering.

The company, which makes zero-calorie natural beverage sweeteners from the herb stevia, already trades publicly on the Toronto Stock Exchange. It said it has applied to have shares listed on the Nasdaq Global Market under the symbol "GLGL."

The proceeds from the IPO would be used for debt repayment, working capital requirements and other general corporate purposes, GLG said. It would also use net proceeds to expand processing facilities for stevia, which is marketed as a table-top alternative to sugar substitutes like Splenda and Equal.

Underwriters for the deal will include Canaccord Adams Inc., GMP Securities LP and Roth Capital Partners, LLC.

Shares of GLG fell 21 Canadian cents, or 9 percent, to 2.13 Canadian dollars on the Toronto Stock Exchange Friday.