Brick Brewing Co. Ltd. has signed a deal to raise C$5.1m in a private placement of units. Trading in the company's shares was halted yesterday (5 October) pending the announcement.

The Canadian company said it has signed a deal with investment firm Raymond James to be lead agent in a private placement of 3.2m units priced at C$1.60 per unit.

Each unit will include one common share and a common share purchase warrant that will entitle the holder to purchase one additional common share of Brick Brewing for C$2 for two years.

Last month, Brick announced a rise in gross sales for Q2 of 57% to C$11.5m, while net beer revenues rose by 240% to C$6.3m primarily as a result of growth in value and mainstream beer brands, coupled with the launch of the PC brands in Ontario and Quebec during the three-month period. Net income for the quarter reached a record C$832,000 compared with C$554,000 in the second quarter last year, an improvement of C$278,000 or 50%.