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The Alkaline Water Company Inc. Announces Completion of Non-brokered Private Placement
The Alkaline Water Company Inc. Announces Completion of Non-brokered Private Placement.
About this update from Alkaline Water Company Inc. (the)
[{"type":"text","content":"\nSCOTTSDALE, Ariz., May 31, 2018 (GLOBE NEWSWIRE) -- The Alkaline Water Company Inc. (TSX-V:WTER) (OTCQB:WTER) (the \"Company\"), with products bottled under the trademark Alkaline88®, is pleased to announce it has completed its non-brokered private placement financing (the “Financing”) of units (each, a “Unit”) as previously announced in the Company’s News Release of May 2, 2018.\n “Compared to our prior year, customer base sales are growing at over 50% YOY. We expect this trend to accelerate as we move into summer with more SKUs being added to our retailers’ shelves.  In addition to this momentum, in the last 60 days we began shipping our product to the nation’s top two retail grocery chains.  The working capital from this offering will allow us to support the current and projected growth created from both our organic growth and the 6,000+ new retail locations that have just come on line,” stated Richard A. Wright, President and CEO of The Alkaline Water Company Inc. “This is truly a very exciting time for the Company. With the two new national-retailers already online, a full pipeline of additional new grocery chains coming on later this summer, and the 50% organic growth continuing, we expect to see our fiscal 2019 sales double to nearly $40,000,000.  This increase in capital will also allow us to bring on a number of new co-packers, suppliers, and personnel to ensure we can support our rapid growth throughout FY19,” concluded Mr. Wright.  The Company issued 5,131,665 Units of the Company at a price of US$0.75 per Unit for aggregate gross proceeds of US$3,848,748.75. Each Unit consisted of one share of common stock of the Company (each, a “Share”) and one-half of one share purchase warrant (each whole warrant, a “Warrant”). One Warrant entitles the holder thereof to purchase one additional Share of the Company (each, a “Warrant Share”) at a price of US$0.90 per Warrant Share for a period of two years from closing. The proceeds of the Financing are expected to be used for expansion of production capacity and general working capital.   Each of the Shares, the Warrants and the Warrant Shares is a \"restricted security\" under the United States Securities Act of 1933, as amended (the R...