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Coastal Contacts Inc. Announces Closing Of Underwritten Public Offering Of Common Shares

Stocks in this article: COA

VANCOUVER, British Columbia, April 1, 2013 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal.com") (Nasdaq:COA) (TSX:COA) announced today that it has closed its previously-announced underwritten public offering of 3,000,000 common shares, and the exercise, in part, of the over-allotment option to purchase an additional 447,100 common shares, at a price of $6.00 per share for gross proceeds to the company of $20,682,600.

Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC acted 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 were 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 a final prospectus supplement relating to the offering was filed with the SEC on March 26, 2013, both of which are available on the SEC's website at 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.

About Coastal Contacts

Coastal Contacts Inc. is one of the largest online retailers of vision care products in the world. Coastal.com seeks to empower 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 one of the largest selections 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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