US: Jones Soda raises US$2.3m from stake sale
Glengrove and Jones Soda set up an agreement in June last year
Jones Soda has raised a further US$2.3m via a share sale to Glengrove Small Cap Value.
The US-based soft drinks firm said yesterday (31 January) that it has sold 1.6m shares for $1.41 per share.
Glengrove and Jones Soda set up an agreement in June last year, which allowed Glengrove to buy up to $10m of Jones' common stock over two years. Prior to the most recent sale, Jones Soda said it had sold 3.6m shares to Glengrove for gross proceeds of $4.1m.
Jones said it has raised total capital of $6.4m from the Glengrove deal. It said that it intends to use the net proceeds "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".
The company said that its financing agreement with Glengrove has terminated following the latest share sale. After completing the most recent sale, Jones "will have issued the maximum number of shares available for sale under the equity financing facility", said the group.
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