U.S. RiceBran Technologies closes $12.14 mln private placement offering

U.S.-based food ingredient company RiceBran Technologies has closed with $12.14 million in the private placement of its common stock.

RiceBran sold 3 million shares of common stock and a pre-funded warrant exercisable into 1 million shares. The placement was closed with strategic and institutional investors that included Continental Grain Co., DG Capital Management and Dillon Hill Capital.

The company will use the funds for strategic initiatives, including a significant expansion of the production capacity and construction of a world-class bran at its Golden Ridge Rice Mills facility in Wynne, Arkansas, and a potential tuck-in acquisition.

The remaining net proceeds will further be used as working capital to support growth of the RiceBran's rice bran ingredient business in both the human and animal nutrition markets.