(RTTNews) -  Friday, stevia extracts developer GLG Life Tech Corp. (GLG.TO: News ,GLGL: News ) announced that it has commenced trading on the Nasdaq global market under the symbol GLGL. GLG's common shares are dual listed on the Toronto Stock Exchange and Nasdaq. However, GLG Life shares are trading sharply down by over 13.5% on the Nasdaq.

Vancouver, Canada-based GLG said that its registration statement has become effective under the U.S. Securities Act of 1933. It has also filed a final short form prospectus in all Canadian provinces, except Quebec, in connection with a public offering of 3.625 million common shares at a public offering price of US$7.60 per share for aggregate gross proceeds of US$27.55 million. The offering is expected to close on or about November 25, 2009.

GLG expects to use net proceeds from the offering primarily for registered capital payments for its Runhao subsidiary, debt repayment, working capital requirements and other general corporate purposes.

Canaccord Adams is the sole book-running manager for the offering. GMP Securities is acting as co-lead manager with co-managers Roth Capital Partners in the U.S. and Desjardins Securities and Wellington West in Canada.

GLG has granted underwriters an over-allotment option to purchase up to 543,750 common shares at the offering price to cover any over-allotments, exercisable during the period ending 30 days from the closure of the offering.
The offering is subject to regulatory approvals, including the approval of the Toronto Stock Exchange. Listing of the common shares on Nasdaq is subject to GLG fulfilling all applicable listing requirements.

GLGL is now trading at $7.75, down $1.24 or 13.77%, on a volume of 0.14 million shares on the Nasdaq.

GLG.TO is currently trading at C$8.36, down C$0.79 or 8.36%, on a volume of 0.14 million shares on the TSE.

To receive FREE breaking news email alerts for GLG Life Tech Corp J and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com