Vita Food Products has entered into a Securities Purchase Agreement that will see the company receive an additional cash injection of US$3m.
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Howard Bedford, a member of the company’s board of directors, will invest a total of $3m – $1m of which has already been received by the company. In exchange, Bedford will receive 2.4m shares of common stock, two year warrants to purchase 500,000 shares at a prive of $1.25 per share, a three-year warrant to purchase 500,000 shares at $1.50, a four-year warrant to purchase 50,000 shares at $1.50 and a five-year warrant to purchase 50,000 shares at $1.75.
Commenting on the investment, president and CEO Cliff Bolen said: “We are pleased with Mr. Bedford’s confidence, and decision to further invest in the future of Vita. These funds will significantly help with the company’s working capital requirements and future growth.”
