Minneapolis-based Founders Food & Firkins Ltd has announced that it is conducting a private placement of between US$1m and US$6m of Series A Convertible Preferred Stock and warrants to purchase common stock.
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The offering price per preferred share is US$100.00. The preferred stock will pay an 8% cumulative dividend in cash or in common stock of Founders Food & Firkins valued at the conversion price.
Each preferred share will be convertible at any time after issuance into the whole number of shares of common stock equal to US$100.00 divided by 90% of the average closing price of the common stock on Nasdaq for the ten trading days preceding the initial closing date.
Founders Food & Firkins may require conversion under certain circumstances. The conversion price of the preferred stock will also be the exercise price of the warrants. Such warrants will be exercisable for five years from the date of issuance.
The company explained that net proceeds from the offering will be used to develop additional Granite City Food & Brewery restaurants currently planned for Midwestern states.
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