Jones Soda Co. (CSE: JSDA) (QTCQB: JSDA) announced on Thursday that it has upsized its private placement of units.

The Seattle-based company first announced a private placement of up to 7,500,000 units for 40 cents per unit, for a total gross proceeds of $3 million last week, only to increase the size of its private placement shortly after. According to a July 11 press release, Jones Soda said it will issue up to 10,000,000 units of the company for $0.40 per unit, for aggregate gross proceeds of $4 million.

The company now intends to issue up to a maximum of 12,500,000 of its units for $0.40 per unit, for aggregate gross proceeds of up to $5 million, according to Thursday's press release.

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Details

Each unit will comprise one common share in the capital of the company and one‐half of one detachable share purchase warrant. Each whole warrant will be exercisable into one common share at $0.50 per share for 24 months from the date of issuance.

Additionally, each whole warrant may be exercised anytime during the warrant exercise period upon the voluntary election to exercise by the warrant holder, the company said.

Why It Matters

Jones Soda said it intends to use the net proceeds of the offering to support growth and for general corporate purposes.

What's Next

The company expects to close the offering on or about July 23, 2024. It is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the CSE.

JSDA Price Action

Jones Soda shares closed Wednesday's market session 4.14% higher at 44 cents per share.

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