US: Reed's Inc to raise $750,000
US soft drinks producer Reed's has said it will raise US$0.75m via a private share placement.
Reed's said today (28 January) that it has signed a deal with institutional investors to sell around 427,000 shares in exchange for a total $0.75m. It did not say what the funds will be used for.
The soft drinks group will sell close to 305,000 shares at $2.46 per share and will issue warrants for buyers to acquire close to a further 122,000 shares of common stock at $2.77 per share. The company was trading at $2.39 per share on the New York stock exchange at lunchtime today.
Reed's said earlier this month that it expects net sales to increase by at least 30% in 2011, but the group is less sure of whether it will turn a profit.
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