Bravo Foods Sells Convertible Notes In Private Offering
Bravo Foods announced they have sold $30 million in convertible notes due in 2010. The notes are convertible into common shares of BRVO at $0.70 per share.
One interesting note in the news release. The company could be planning something big based on how they worded this:
Under the terms of the financing, the Company will sell $30 million notes, of which $15.0 million of the notes will be held in escrow. The release of the funds will be subject to stockholder approval. The Company intends to file a proxy statement seeking such shareholder approval as soon as practical.
