Vancouver-based Clearly Canadian Beverage Corp. (OTCBB:CCBEF) has raised $9.4 million in private placements with institutional investors.
The money raised from the issuing of senior convertible notes will be used to expand its organic snack products.
In the past year, Clearly Canadian has acquired a number of food companies and expanded its distribution of specialty water products. In February, it bought organic and natural foods manufacturer DMR Food Corp.
In May, it acquired My Organic Baby Inc., which manufacturers organic baby food in Canada.
From its acquisitions, the company has expanded its products to include Clearly Canadian branded natural and organic snack foods, energy drinks and organic baby food sold at Wal-Mart, Sobeys, Whole Foods, Babys 'R Us and other major retailers.
Company sales grew in the second quarter to $3 million from $2.7 million in the second quarter of 2006. However, increased cost of sales and marketing and administrative expenses resulted in a net loss of $2.7 million, which was up from the company's net loss of $2.6 million in 2006's second quarter.