VANCOUVER, British Columbia, March 26, 2013 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal.com") (Nasdaq:COA) (TSX:COA), an online retailer of vision care products, today announced the pricing of an underwritten public offering of 3,000,000 of its common shares at a price of $6.00 per share for gross proceeds to the company of $18 million. The company has also granted to the underwriters an option, exercisable within 30 days following closing, to acquire an additional 450,000 common shares at a price of $6.00 per share for additional gross proceeds to the company of $2.7 million, to cover over-allotments in connection with the offering. The offering is expected to close on or about April 1, 2013, subject to customary closing conditions.
Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC are acting as joint book-runners for the offering.
Coastal.com intends to use the net proceeds to accelerate its customer acquisition strategy, make certain capital expenditures and improve working capital to fund growth in new and existing distribution channels.The shares described above are being offered by Coastal.com pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement relating to the offering was filed with the SEC on March 25, 2013 and is available on the SEC's website at http://www.sec.gov . A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov . This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or email: firstname.lastname@example.org or Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, by calling 612-334-6300, or by emailing email@example.com or by accessing the SEC's website, www.sec.gov . About Coastal Contacts Coastal Contacts Inc. is one of the largest online retailers of vision care products in the world. Coastal.com empowers customers to easily browse, try on and buy eyewear—saving time, money and sanity. With every pair of qualifying frames purchased, Coastal.com donates a pair to someone in need through its Change the View project. Founded in 2000, Coastal.com designs, produces and distributes the largest selection of glasses and contact lenses on the Internet, including a unique combination of designer glasses, contact lenses, sunglasses, and vision care accessories. Coastal.com serves customers in more than 150 countries through the Coastal Contacts family of websites including: Coastal.com, ClearlyContacts.ca, Lensway.com, Lensway.co.uk, Lensway.se, Lensway.com.br, ClearlyContacts.com.au, ClearlyContacts.co.nz, Contactsan.com, and Coastallens.com.
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