Cott Corporation has successfully raised $50m via a share offering.

Net proceeds from the offering totalled $47.5m, the private label specialist soft drinks group said today (11 August).

Cott Corp said earlier this month that it had secured a deal to raise the funds by issuing around 9.4m shares at $5.3 per share.

"Successfully completing this equity offering is an important step in our strategy to reduce our debt and strengthen our balance sheet," said Cott chief financial officer Juan Figuereo.

Buyers of the shares were a syndicate of underwriters led by TD Securities Inc. and including CIBC and BMO Capital Markets.