Flavoured milk company Bravo! Foods International has, through private equity financing, raised $20.25m part of which is to be used for increased production capacity and marketing campaigns.
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The money will also be used to redeem 30.3m warrants, paying a finder’s fee relating to the Coca-Cola Enterprises Inc. master distribution agreement and general working capital purposes.
The company has entered into definitive agreements for $20.25m in equity financing through the private placement of 40,500,000 shares of common stock to a group of institutional and accredited investors. The net proceeds to the company after payment of transaction expenses will be approximately $18.9m. The company also issued to the investors warrants to purchase up to an additional 15,187,500 shares of common stock exercisable at $0.80 per share.
