Financing raises proceeds for new marketing programs, working capital
By Devika Patel
Knoxville, Tenn., Oct. 29 - Jones Soda Co. said it plans a private placement of stock. The offering will raise about $1 million through 948,475 common shares at about $1.06 per share to Glengrove Small Cap Value, Ltd.
The per-share price is a 16.54% discount to $1.27, the closing share price on Oct. 28.
Proceeds will be used 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.
Seattle-based Jones Soda manufactures and bottles soda.
| Issuer: | Jones Soda Co.
|
| Issue: | Common shares
|
| Amount: | $1 million (approximate)
|
| Shares: | 948,475
|
| Price: | $1.06 (approximate)
|
| Warrants: | No
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| Investor: | Glengrove Small Cap Value, Ltd.
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| Pricing date: | Oct. 29
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| Stock symbol: | Nasdaq: JSDA
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| Stock price: | $1.27 at close Oct. 28
|
| Market capitalization: | $33.29 million
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