Coastal.com to Raise $18M through Common Share Offering With Option to Raise $2.7M More

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 VANCOUVER, British Columbia—Online eyewear provider, Coastal Contacts, Inc. (NASDAQ: COA) (TSX: COA) announced that it will offer common shares in an underwritten public offering of 3 million 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. A final prospectus supplement relating to the offering will be filed with the SEC and will also be available on the SEC’s website.