US: Jones Soda announces US$1.1m financing
Jones is selling 900,164 shares of its common stock
Jones Soda is to raise around US$1.1m in a private stock sale expected to close today (15 July).
The US soda maker is selling 900,164 shares of its common stock to Glengrove Small Cap Value for around $1.22 per share.
The sale will be undertaken pursuant to an existing financing facility set up with Glengrove last month that secured Jones access to up to $10m in extra funds over a two-year period.
Jones said it intends to use the proceeds from the sale for targeted funding of new marketing programmes, to secure and grow larger distributor and national retail accounts, and for working capital and other general corporate purposes.
“We are pleased to be closing this financing,” said Bill Meissner, Jones Soda's CEO. “Adding cash to our balance sheet has been one of the top priorities for my team. The added capital will significantly benefit our ability to be more proactive in the retail trade by adding marketing support to aid in the growth of our brands and to expand our distribution reach.”
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