Jones Soda has entered into an agreement with institutional investors for a private share placement worth US$30m.

The placement includes 3.16m shares of Jones' common stock, at a per share price of $9.50, and will close by 16 June 2006. Piper Jaffray & Co acted as the sole placement agent for the private placement, and ThinkEquity Partners as the financial advisor.

"We are pleased with the successful and quick execution of this equity financing," said Peter van Stolk, CEO and president of Jones Soda. "This financing will provide us with additional funding to accelerate our key corporate initiatives in North America and abroad."

The company also said that net proceeds from the placement will be used for working capital and general corporate purposes.