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Jones Soda Hit by Pipe

The company sells 3.1 million shares for a dollar under market.
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Jones Soda (JSDA) plans to raise $30 million by privately placing 3,157,895 shares with unnamed institutional investors at $9.50 apiece.

The Seattle-based soda company said it expects to close the so-called private investment in public equity, or Pipe, by June 16.

Proceeds will be used for working capital and general corporate purposes. Piper Jaffray & Co. acted as the sole placement agent for the private placement. ThinkEquity Partners acted as the financial adviser.

"We are pleased with the successful and quick execution of this equity financing," said CEO Peter van Stolk. "This financing will provide us with additional funding to accelerate our key corporate initiatives in North America and abroad."

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Shares fell 76 cents to $9.85.