Jones Soda is selling 948,475 shares of its common stock

Jones Soda is selling 948,475 shares of its common stock

Jones Soda is to raise around US$1.1m in a private stock sale expected to close today (29 October).

The US soda maker is selling 948,475 shares of its common stock to Glengrove Small Cap Value for around $1.06 per share.

The sale will be undertaken pursuant to an existing financing facility set up with Glengrove in June that secured Jones access to up to $10m in extra funds over a two-year period. 

Jones said it intends to use the proceeds from the sale to fund new marketing programmes, to secure and grow larger distributor and national retail accounts, and for working capital and other general corporate purposes.

In August, Jones reported net losses of US$3.16m in the six months to the end of June, compared to losses of $4.6m in the same period of last year.