Clearly Canadian has closed a financing push, having raised around US$3.5m.

The Canadian soft drinks company said yesterday (4 April) that it has closed a series of recently announced non-brokered private placements for a total sale of 1.16m common shares of the company with an aggregate purchase price of US$3.49m.

"This capital investment demonstrates the confidence our investors have in the company, its product lines and in the path we are taking," said Brent Lokash, Clearly Canadian's president. "These funds will augment our in-house initiatives, with the purpose of creating, marketing and delivering our new and forthcoming lines of 'better for you' products.

"Additionally our US$7.5m in cash reserves will serve to greatly strengthen our ongoing efforts, as we continue to seek strategic acquisitions and open new distribution channels and opportunities for our expanding product offerings."

In connection with the financing, the company said it is issuing warrants to subscribers to purchase 333,334 common shares at a purchase price of US$3.25 per share. The warrants expire in two years.

The company announced the private placement early last month, in connection with opening negotiations to acquire the organic food and beverage company My Organic Baby.