Sept 3 (Reuters) - Crailar Technologies Inc CL.V :
* Provides corporate update and financing announcement
* Says will begin licensing its flax,hemp fiber technology ,will no longer
operate its Belgium fiber production facility
* Says licensing model also allows Crailar to reduce ongoing annual fixed costs
and overhead by an estimated $1.6 million
* As part of transition, schrurs nv has entered into a licensing agreement and
will re-aquire the Belgium plant
* Says under terms schrurs will pay Crailar a licensing fee determined as a
percentage of gross revenue
* Schrurs will re-acquire former plant by assuming approximately $0.74 million
of debt and leasing certain assets owned by Crailar
* Will record a non-cash restructuring charge of $2.5 million, associated with
the transaction"
* Says proposes to raise an aggregate of up to $3.5 million in accordance with
a non-brokered private placement
* Says private placement is expected to close in the next 30 days
* Source text for Eikon ID:nCNWSKBXWa
* Further company coverage CL.V