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Hi, what do people think of BRVO's recent news ?
Related Quotes Sym. Price Chg. BRVO Trade News 0.695 0 Bravo! Foods International Enters Into Agreements for $20.25 Million Private Placement of Common Stock
November 23, 2005 16:53:40 (ET)
NORTH PALM BEACH, Fla., Nov 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- Bravo! Foods International Corp. (BRVO, Trade), a brand development and marketing company that manufactures, promotes and distributes fortified, flavored milks, today announced that the Company has entered into definitive agreements for $20.25 million 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 $18.9 million. The Company also issued to the investors warrants to purchase up to an additional 15,187,500 shares of common stock exercisable at $.80 per share. SG Cowen & Co., LLC acted as the exclusive placement agent for the transaction. The closing and funding is scheduled to occur early next week.
The proceeds from the financing will be used for increased production capacity, the launch of marketing campaigns, redemption of 30.3 million warrants, paying the finder's fee relating to the Coca-Cola Enterprises Inc. Master Distribution Agreement and general working capital purposes.
The securities issued in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States in the absence of an effective registration statement or exemption from such registration requirements. Pursuant to the terms of the purchase agreement, Bravo! Foods International Corp. plans to file a registration statement with the Securities and Exchange Commission on Form SB-2 within 45 days of the closing of the transaction, registering the common stock and shares of common stock underlying the warrants for potential resale.
Posts: 38 | From: Dublin, Ireland. | Registered: Aug 2005
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