Alternative beverages-to-baby food group Clearly Canadian has raised over C$9m (US$8.9m) in a financing move.
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The company has completed a C$9.4m financing from institutional investors through the sale of a senior convertible note.
The company said gross proceeds from the financing would be approximately $9m. The investors were also issued over 4m five-year warrants. Half of the warrants are exercisable at $2.33 and half are exercisable at $2.56. Net proceeds will be used for general working capital.
Clearly Canadian has also restructured the liabilities due to the vendors of DMR Food Corporation and My Organic Baby, two companies the group recently acquired.
Clearly Canadian has paid C$4m in cash with the balance due being converted into a subordinated convertible note.
“With the completion of these transactions, we will have over $10m of cash to expand the execution of our growth plan and to fulfill our commitment to deliver consumers healthier choices,” said CEO Brent Lokash.
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