SponsorsOne Inc. (OTCMKTS:SPONF) jumped 10% last week. The company announced an update regarding its non-brokered private placement. Notably, the company issued around 29.077 units at $0.026 per unit for gross proceeds of approximately $756,000.
Each unit comprises one common share and one purchase warrant that gives the holders an option to purchase one common SponsorsOne share at $0.05 per share for two years. The company will use the proceeds for general corporate purposes and inventory costs. Also, the company issued promissory notes for $200,000 with interest at 6% per year payable in 121 days, and proceeds will be used in bridging inventory costs.
Recently the company announced thatKroger’s subsidiary Ralphs would be carrying its Doc Wylder’s alcohol-infused ready-to-drink lemonades. Initial orders for the lemonade are currently in production in California. CEO Myles Bartholomew said that big retailers across the US have starred carrying Doc Wylder’s, which is a testament to the product’s quality. Therefore in weeks to come, investors should watch SPONF.
Market Reaction:
On Friday, SPONF stock jumped 0.50% at $0.0200 with more than 7.88 million shares, compared to its average volume of 10.63 million shares. The stock has moved within a range of $0.0195 – 0.0222 after opening the trade at $0.0197.
