The net proceeds of the financing will be used as working capital to fund expansion of Granite City's eight-store restaurant chain beginning with sites in Kansas City, KS and Wichita, KS, and Omaha, NE. Granite City has said it plans to add four restaurants next year, six restaurants in 2006 and eight restaurants in 2007. The projected average revenue per unit based on current operating results of $4 to $4.2 million, and projected average income per unit from restaurant operations of 16% to 18% of revenue.
Granite City Food & Brewery now has eight Granite City Food & Brewery casual dining restaurants featuring traditional and regional food and handcrafted beers — three in Iowa, two in Minnesota, and one each in North Dakota, South Dakota and Nebraska.
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