US: Jones Soda raises US$2m from stake sale to Glengrove
Jones Soda sold more shares at a higher price than originally proposed
Jones Soda has closed a stock sale and generated around US$2m from the transaction.
The US-based soft drinks firm, which announced in October that it would divest 948,475 shares of its common stock to Glengrove Small Cap Value for around $1.06 per share, said last week that the sale has gone through. However, Glengrove actually purchased just under 1.8m shares for about $1.12 per share.
Jones Soda had initially targeted raising $1.1m by selling a stake to Glengrove.
The firm said it intends to use the net proceeds “for targeted funding of new marketing programs, to secure and grow larger distributor and national retail accounts, and for working capital and other general corporate purposes”.
Glengrove and Jones Soda set up an agreement in June last year, which would allow Glengrove to buy up to $10m of Jones' common stock over an approximate two-year period.
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