Jones Soda closes first tranche of private placement at $0.33/unit

Jones Soda Co. (CSE: JSDA, OTCQB: JSDA) has closed the first tranche of a Canadian non-brokered private placement, selling 606,530 units at US$0.33 per unit for gross proceeds of approximately $200,155, according to a press release.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase one share at US$0.45 per share for 36 months following the closing of the offering.

If the closing trading price of the common shares on the OTCQB Venture Marketplace or another applicable U.S. market exceeds US$0.47 for five consecutive trading days, the company may accelerate the warrant expiry to 30 calendar days from the date of that notice. Any unexercised warrants would automatically expire at the end of that accelerated period.

Insiders participated in $100,000 of this tranche, including the company's CFO.

The securities are subject to a four-month plus one day hold period and are pending applicable regulatory approvals, including approval from the Canadian Securities Exchange.

The company said it intends to use the net proceeds to support growth and for general corporate purposes.

Jones Soda is headquartered in Seattle, Washington.

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