By Sheri Kasprzak
New York, Aug. 9 - Leading Brands, Inc. plans to conclude a $9.9 million private placement with a group of institutional investors.
The offering includes 3.3 million shares at $3 per share. The share price is an 8.8% discount to the company's $3.29 closing stock price on Wednesday.
The investors also will come away with warrants for 1.65 million shares, exercisable at $3.95 each.
Proceeds will be used for marketing of the company's proprietary beverage brands as well as for working capital.
Vancouver, B.C.-based Leading Brands creates, distributes and markets its own brand of beverages.
| Issuer: | Leading Brands, Inc.
|
| Issue: | Stock
|
| Amount: | $9.9 million
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| Shares: | 3.3 million
|
| Price: | $3.00
|
| Warrants: | For 1.65 million shares
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| Warrant strike price: | $3.95
|
| Announcement date: | Aug. 9
|
| Stock symbol: | Nasdaq: LBIX
|
| Stock price: | $3.29 at close Aug. 8
|
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