Jammin Java Corp. has requested and received authorization to receive the balance of the $2.5 million financing from the share finance agreement originally announced in December 2010. To date, the company has drawn down three tranches of $40,000 for an aggregate of $120,000. The investor has now authorized the immediate release of the balance of $2,380,000 to the company. The shares from the financing will be restricted securities.
"We are extremely excited about getting this financing," said Rohan Marley, chairman of Jammin Java Corp. in a prepared statement. "After months of hard work from our small but capable team in building the company's infrastructure, expanding our product line and generating sales from both online and offline retailers, our investors believe that we're ready to take this company to the next level. This financing will be used primarily for working capital, to increase the company's human capital and to rapidly market and expand into new markets and generate long term value for our shareholders."