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news.XELR8 Holdings, a provider of functional foods, beverages and nutritional supplements has raised $0.5 million in gross proceeds through a private placement sale of common stock and warrants.
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XELR8 will issue 500,000 unregistered common shares at $1 per share and 300,000 new warrants exercisable at $1.50 per share. In addition, as part of the new funding, the warrant terms of the company’s May 2007 raise have been modified such that the strike price on certain previously issued warrants has been reduced and certain callable warrant terms have been modified.
The proceeds from the transaction will be used in marketing Bazi, XELR8’s liquid dietary supplement, including furthering the expansion of its national direct selling network, expanding its website and funding working capital and for other general corporate needs.
John Pougnet, CEO of ELR8, said: “We are excited by Bazi’s success in penetrating a very competitive space in the very short time that it has been marketed and look forward to substantial growth in the future.”