US: Drinks Americas secures funding for Kid Rock beer
Drinks Americas has signed a deal to receive an extra US$5m of investment, in order for it to meet operating costs and finance the launch of a beer endorsed by Kid Rock.
Drinks Americas, owner of Trump Vodka and partner for Kid Rock's own beer brand, said today (18 August) that it has signed a financing deal to raise the funds in exchange for the issue of Serie B Preferred Stock shares and five-year warrants for common stock.
"This financing will go a long way in funding the production of our current brands and provide the capital needed to launch Kid Rock's American Badass Beer, which is off to a very strong start in Michigan, our first launch market," said group CEO and chairman J Patrick Kenny.
Source Capital Group has agreed to act as placement agent for the financing.
"Drinks Americas' management team has amassed an array of new spirit brands and strategic partners that is second to none in potential opportunity," said Richard Kreger, Source Capital Group's director of investment banking.
"The strategy of pairing preeminent icons with premier brands is proving to be a story unmatched."
Drinks Americas and Kid Rock announced a joint venture deal last month.
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