BranchOut Food Closes $400,000 Senior Secured Loan
Summary
BEND, Ore., Jan. 11, 2024 (GLOBE NEWSWIRE) -- BranchOut Food Inc. (NASDAQ: BOF), a food technology company and maker of dehydrated fruit and vegetable-based products, today announced that the Company has closed on a $400,000 Senior Secured Loan from an investor group that includes Eagle Vision Fund LP. Were also in discussions for a revolving line of credit, which together with our cash balances and other current assets, would diminish the need for additional funding to finance customer orders at this time. As we begin the new year, we will continue to focus on ramping production, growing sales and distribution, and building on our 2023 record sales.In connection with closing the Senior Secured Loan, the lenders were issued warrants to purchase an aggregate of 100,000 shares of common stock at an exercise price of $2.00 per share.BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. The Company undertakes no obligation to update forward-looking statements if circumstances or managements estimates or opinions should change except as required by applicable securities laws.