US: Castle Brands plans private placement deal
Castle Brands is looking to raise US$21m from a private placement.
The spirits company said yesterday (19 April) that it has begun negotiations with investors for the ownership of around $21m of common stock and warrants.
Castle said it intends to use the proceeds for further brand development and acquisitions, but didn't give any further details. The deal is expected to be completed by 4 May.
"This transaction will substantially improve the financial position of the company and at the same time significantly enhanced our shareholder base," said Castle's CEO Mark Andrews.
The terms include the sale of 3.5m shares of unregistered common stock at a price of $5.97 per share and the issuance of 1.4m warrants with a price of $6.57 per share. The warrants will expire five years from the date of issuance.
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