U.S. Alkaline Water closes $11.5 mln underwritten public offering

U.S. bottled water manufacturing company Alkaline Water Co. Inc. has completed its underwritten public offering of 4.6 million shares of its common stock at a purchase price of $2.50 per share for total gross proceeds of $11.5 million.

The offering included 600,000 shares issued pursuant to the exercise, in full, of the option to buy additional shares granted to the underwriters in connection with the offering.

Canaccord Genuity LLC acted as the sole bookrunner for the offering. Haywood Securities Inc. acted as co-manager.

The company plans to use the net proceeds for general corporate purposes, which may include cutting any outstanding indebtedness, increasing its working capital or capital expenditures.