Yerbaé Brands Corp., the US energy-drinks business, is set to raise more funds through a debenture offering.

The company, listed on the TSX Venture Exchange, has expanded the offering from debentures worth a total of $3m to $4m.

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Yerbaé, which went public earlier this year, is offering 4,000 debentures at $1,000 each. It has secured just under $1.7m of the proceeds.

“We are incredibly excited by the strong demand in our current financing by both new and existing shareholders,” founder and CEO Todd Gibson said.

“The increase to $4,000,000 will accelerate the growth of the company’s marketing, increased distribution, and working capital.”

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Just Drinks asked Yerbaé to provide more detail on its plans for the funds but had not received a response at the time of writing.

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February’s listing on the TSX Venture Exchange was undertaken as a “triangular merger” by the group, during which the formally TSX-listed Kona Bay Technologies – and its subsidiary FinCo – were taken over by and merged into Yerbaé US. The resulting entity was then rebranded as Yerbaé Brands Corp.

Gibson founded Yerbaé alongside his wife Karrie in 2017. In a January 2023 investor presentation, the company said it had generated more than $25.5m in “lifetime sales”. It noted its products were on sale in more than 10,000 retail outlets. Customers included Costco, Safeway, Acme and Shaw’s.

In February, Yerbaé published a stock-exchange filing that said its revenue reached $1.9m in the third quarter of 2022, up 38% year on year. The company also disclosed a gross margin of 64%, up 61% on the year previous.

During the last week, the group has announced a new contract with foodservice group Compass and a new club-store chain listing.