Yuengling’s Ice Cream has announced plans to raise up to $5 million as part of a private placement offer.
The company intends to use the proceeds from the offering for growth initiatives including expanding inventory, promotions, advertising, new product and business development, and production plant development.
It is also allocating funds for the expenses associated with a planned public offering of its shares.
The offering of up to $5 million is only available to accredited investors at a price of $10,000 per unit, and with interest of 8%. The brand hopes that the move will help it to realise its target of growing revenue from $4.8 million in 2015 to $£18 million in 2018.
It also plans to increase the number of retail locations that stock its ice cream from 2,700 to 6,000, and increase its market share.
David Yuengling, president of Yuengling’s Ice Cream, said: “We are very excited that many of our customers, who already have been asking, will be able to become shareholders.”
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