By Sheri Kasprzak
Atlanta, Feb. 4 - Bravo! Foods International Inc. said it has wrapped a private placement of notes for $2.3 million.
The company issued promissory notes to five institutional investors.
The two-year notes bear interest at Prime rate plus 400 basis points and are convertible into common shares at $0.125 each.
The notes are payable in monthly installments beginning June 1.
The offering closed in two tranches of $1.15 million each.
The investors also received five-year warrants for a total of 9.2 million shares at the lesser of $0.16 or 101% of the closing bid price for the trading day before the closing date.
Based in North Palm Beach, Fla., Bravo! provides licensing and materials to dairy companies in Canada, China, Mexico and the United States.
| Issuer: | Bravo! Foods International Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $2.3 million
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| Maturity: | Two years
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| Coupon: | Prime rate plus 400 basis points
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| Conversion price: | $0.125
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| Warrants: | For 9.2 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.16 or 101% of the closing bid price for the trading day before closing
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| Settlement date: | Jan. 31
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| Stock price: | $0.12 at close Jan. 31
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