Monterey Gourmet Foods Offers Private Placement for $12.5M
Monterey Gourmet Foods Inc. said Tuesday it has agreed to sell about 2.1 million shares of common stock for approximately $12.5 million to institutional investors in a private placement.
As part of the transaction, investors will receive warrants to purchase approximately
652,000 additional shares at $7.50 per share.
“The company intends to use the proceeds of the private placement for the retirement of its short-term and long-term debt, for expansion of capital, and for anticipated increases in working capital, said Scott Wheeler, Monterey's Chief Financial Officer, in a statement. “This placement improves the strength of our balance sheet, eliminates interest expense, which continues to increase with every interest rate hike, and positions the Company for short-term and long-term growth either through internal operations or otherwise," he added.
The financing is expected to close the week of June 26, 2006.
As part of the transaction, investors will receive warrants to purchase approximately
“The company intends to use the proceeds of the private placement for the retirement of its short-term and long-term debt, for expansion of capital, and for anticipated increases in working capital, said Scott Wheeler, Monterey's Chief Financial Officer, in a statement. “This placement improves the strength of our balance sheet, eliminates interest expense, which continues to increase with every interest rate hike, and positions the Company for short-term and long-term growth either through internal operations or otherwise," he added.
The financing is expected to close the week of June 26, 2006.
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