Mendocino Brewing Company, Inc. announced that it has received $0.5 million in funding from Catamaran Services, Inc.
January 21, 2014
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Mendocino Brewing Co. Inc. (OTCPK:MENB) announced a private placement of a promissory note for gross proceeds of $500,000 with new lender Catamaran Services, Inc. on January 22, 2014. The note will bear interest at a rate equal to the lesser of 1.5% per annum above the prime rate offered from time to time by the Bank of America Corporation in San Francisco, California or 10% per annum, until the principal is fully paid. The company will pay accrued interest to the investor within six months from the closing, subject to the receipt by the company of an equity investment by its majority shareholder in an amount sufficient either to pay the note through permitted payments, or to pay both the note and certain existing obligations of the company to Cole Taylor Bank, N.A. pursuant to the credit and security agreement. The note may be prepaid without penalty at the option of the company; however, no payments on the note may be made unless such payment is a permitted payment or certain existing obligations of the company to Cole Taylor Bank, N.A. pursuant to the credit agreement have been satisfied in full.
On January 22, 2014, Mendocino Brewing Co. Inc. closed the transaction.
Mendocino Brewing Company, Inc. (MBC) is a craft brewer. The Company produces ales and lagers in its breweries in the United States. The Company operates through two segments: brewing operations, tavern and tasting room operations in the United States and Canada (the North American Territory), and distributor operations in Europe (including Austria, Belgium, Denmark, Ireland, Italy, the Netherlands, France, Finland, Germany, Greece, Iceland, Liechtenstein, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom) (the Foreign Territory). The Company's operations in the North American Territory consist primarily of brewing and marketing craft beers. The Company's operations in the Foreign Territory consist primarily of the marketing and distribution of Kingfisher Premium Lager in the Foreign Territory through Indian restaurants, chain retail grocers, liquor stores and other retail outlets (such as convenience stores).
MENDOCINO BREWING COMPANY, INC. 
