Aug 9 - Beverage company Leading Brands Inc. agreed to sell 3.3 million common shares to certain institutional investors at $3 per share, which is almost 9 percent less than the stock's closing price on Wednesday.
The gross proceeds from the private placement, expected to be about $9.9 million, will be used for marketing the company's beverage brands and for general working capital, it said in a statement.
The company also said investors will receive warrants, exercisable at $3.95 a share, for future purchase of 1.65 million common shares. It expects additional proceeds of about $6.5 million if all the warrants are exercised for cash.