Canada : GLG Life Tech Corporation Announces Equity Financing and NASDAQ Listing Application.

Byline: pinto03

GLG Life Tech Corporation ("GLG" or the "Company") (TSX:GLG) announced today that it has filed a registration statement in the United States concurrently with a preliminary short form prospectus in all of the provinces of Canada, except Quebec. This will constitute the Company's initial public offering of common shares in the United States (the "U.S. IPO"). The Company proposes to offer 3,625,000 common shares (the "Offering"). In connection with its U.S. IPO, GLG has received conditional approval to list its common shares on the NASDAQ Global Market under the symbol "GLGL". Listing of the common shares on NASDAQ will be subject to GLG fulfilling all applicable listing requirements.

The Offering will be conducted through a syndicate of underwriters led by Canaccord Adams and GMP Securities L.P. and including Roth Capital Partners, LLC, Desjardins Securities Inc., and Wellington West Capital Markets Inc. (collectively, the "Underwriters"). GLG will agree to grant the Underwriters an over-allotment option to purchase that number of additional common shares of GLG equal to 15% of the common shares sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering. The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing.

GLG expects to use the net proceeds from the Offering primarily for expansion of the Company's stevia processing facilities through registered capital payments to the Company's wholly-owned subsidiary Qingdao Runhao Stevia High Tech Company Limited. The balance of the net proceeds will be used for debt repayment, working capital requirements and other general corporate purposes.

In connection with the Offering and U.S. IPO, the Company effected a four-to-one (4:1) share consolidation of its common shares. The common shares are expected to start trading on a post consolidated basis on November 10, 2009. There will be no change in the name or trading symbol of the Company.

The common shares of GLG will be registered in the United States pursuant to a registration statement filed under a multi-jurisdictional disclosure system permitted for certain Canadian companies filing registration statements in the United States and are being offered by way of a short form prospectus in all of the provinces of Canada, except Quebec.

The registration statement has been filed with the United States Securities and Exchange Commission but has not yet become effective. The common shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisd

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