Jones Soda to sell $1.1 million in stock
July 15, 2010
by Eric Schroeder
SEATTLE — Jones Soda Co. said it expects to close the sale of 900,164 shares of its common stock to Glengrove Small Cap Value, Ltd. (Glengrove) for approximately $1.1 million, or approximately $1.22 per share. Jones Soda said it intends to use the net proceeds from the planned sale 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.
“We are pleased to be closing this financing,” said Bill Meissner, chief executive officer of Jones Soda. “Adding cash to our balance sheet has been one of the top priorities for my team. The added capital will significantly benefit our ability to be more proactive in the retail trade by adding marketing support to aid in the growth of our brands and to expand our distribution reach.”