Reed’s, Inc. (REED.OB) reports that it has closed on approximately $4.3 million of additional subscriptions from accredited investors in connection with the completion of a $9.0 million private placement of its restricted securities.
The Company closed on subscriptions for approximately $4.7 million of its restricted securities in June 2007, bringing the total amount raised to $9.0 million in the private placement. Proceeds from the private placement will be used to fund growth initiatives, as well as for general corporate and working capital purposes.
Christopher Reed, Founder and CEO of Reed’s, Inc., stated, “We are thrilled by the level of interest the capital markets have demonstrated in Reed’s.
We believe the interest is indicative of the strong growth prospects for the Reed’s brand as we continue to generate increased brand awareness through marketing programs and additional points of distribution.
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